Mexico Inflation Eases To 6.85%, Lowest In 17 Months

(RTTNews) - Mexico's consumer price inflation slowed more-than-expected in March to the lowest level in almost one-and-a-half years, data from the National Institute of Statistics and Geography, or INEGI, showed on Wednesday.

The consumer price index climbed 6.85 percent year-on-year in March, following a 7.62 percent rise in February. Economists had forecast inflation to ease to 6.90 percent.

Further, this was the slowest inflation rate since October 2021, when prices had risen 6.24 percent.

Nonetheless, the inflation rate was well above the central bank's upper target range of 4.0 percent.

Data showed that core inflation also moderated to 8.09 percent in March from 8.29 percent a month ago. The expected rate was 8.07 percent.

Prices for food and non-alcoholic beverages alone grew 11.04 percent annually in March, but slower than the 12.29 percent spike in February.

Costs for miscellaneous goods and services rose 10.25 percent, and those for restaurants and hotels advanced by 11.58 percent.

On a monthly basis, consumer prices moved up 0.27 percent in March, after a 0.56 percent increase in the prior month. Economists had forecast a 0.31 percent rise.

Core consumer prices increased 0.52 percent in March versus a 0.61 percent gain in February. Prices were expected to rise by 0.50 percent.