Mexico City (Mexico), December 9: Mexico's annual inflation rate slowed to 7.8 percent through November year on year, due to a decrease in the price of some foods and liquefied petroleum gas (LPG), the National Institute of Statistics and Geography (Inegi) said Thursday.
According to Inegi's monthly report, the national consumer price index (CPI) rose 0.58 percent in November compared to the previous month.
Core inflation, closely monitored by the central bank of Mexico (Banxico), stood at 8.51 percent through November, after registering a 0.45 percent increase for the month compared with October.
The price of onions fell 23.59 percent in November compared to October, while the price of domestic LPG dropped 2.29 percent.
In a report issued separately, Mexico's Monex Financial Group said the slowing in inflation to 7.8 percent was "a big surprise," as it was down from the 8.41 percent registered in October.
According to the government, Mexico's accelerated inflation is largely due to supply shocks caused by the COVID-19 pandemic shutdowns and more recently geopolitical conflicts in Eastern Europe.
Banxico is forecasting inflation of 4.1 percent at the end of 2023 and 3.1 percent by the third quarter of 2024, closer to its target rate of 3 percent.
Source: Xinhua