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Weekly Report - 09 December 2021 (WR-21-49)

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TRACKING TRENDS

MEXICO | Inflation. Mexico’s annual inflation increased to its highest level in November since January 2001, rising 7.37% from a year earlier, according to the national statistics institute (Inegi). The consumer price index (CPI) for the month of November was up by as much as 1.14% on the previous month compared with just 0.08% in the same month last year, when annual inflation stood at just 3.33%.

Annual inflation is now more than twice the target figure of 3% set by the central bank Banco de México (Banxico). As such it is highly likely that when Banxico meets for the final monetary policy meeting of the year on 16 December it will raise interest rates for the fifth consecutive time in a bid to contain inflation.

The cost of agricultural products soared by 4.48% in November compared with the previous month, reaching 14.36% on an annualised basis, while energy prices were up by 2.64% for the month (12.61% annually). Underlying inflation, which excludes volatile food and energy price increases, was up by a lower 0.37% for November, but was still 5.67% annually.

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