Economy & Business - February 2022

MEXICO: Inflation in agricultural products likely to boost exports

The prices of agricultural products recorded a steep rise during 2021. According to the latest data released by Mexico’s national statistics institute (Inegi) on the consumer price index and its components on 7 January, agricultural products’ prices rose by 15.78% in December 2021 relative to the same period of 2020. This is well above the general price index increase of 7.36%, which itself was the highest level in the last 21 years. Crucially the increase in some prices of agricultural products such as corn and wheat for instance, contribute to price rises for other goods, such as meat. The graph below illustrates the evolution of agricultural product prices between 2018 and 2021 as compared with general inflation levels during the same period.

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