Analysts predict inflation will slow in Mexico in February

Mexico’s inflation rate may have declined in February, according to a survey by reuters Published this Monday, strengthening bets that the Bank of Mexico (Banxico) could lower its key reference interest rate this month.

A median forecast of 15 analysts predicted the annual headline inflation rate would stabilize at 4.42% in February, down from 4.88% in January and continuing a declining trend that was briefly interrupted late last year. happened.

The core inflation index, which is closely watched and is a better gauge because it does not include volatile energy and food prices, is projected to fall to 4.62% for the month, the lowest since June 2021. This is the lowest level.

However, both rates would still be above Banxico’s target range of 3%, plus or minus one percentage point.

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Last month, Bancco again kept the benchmark interest rate at a record high of 11.25%, but hinted that a rate cut could happen in upcoming meetings.

A recent survey of economists by financial group Citibanmex showed that most expect an initial rate cut at Bancco’s board meeting on March 21.

On a monthly basis, consumer prices in Mexico are estimated to have risen 0.11% in February, while core inflation stood at 0.49%.

The National Institute of Statistics and Geography (Inegi) will publish official inflation data for February this Thursday.

With information from Reuters

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