LatinNews Daily - 25 July 2022

In brief: Inflation in Mexico continues to rise

*Mexico’s national statistics institute (Inegi) has released its latest figures on the national consumer price index (INPC) which show that inflation has risen 0.43% in the first half of July compared to the second half of June. According to Inegi, the figures now bring annual inflation to 8.16%, a marked increase on the 5.75% annual rate registered in the same period of the previous year. Speaking at a daily press conference, Mexico’s President Andrés Manuel López Obrador said that he expected inflation to continue rising for three more months, stating that: “I believe that by October or November it will begin to fall, that is my prediction, because that is when international conditions will begin to change.” The president said his government had faced “two external calamities” – the coronavirus (Covid-19) pandemic and high inflation, which had been exacerbated by the war in Ukraine. However, López Obrador added that inflation in Mexico was lower than in the US or Europe. Mexico’s central bank (Banxico), which has enacted nine consecutive interest rate hikes,  indicated in June that further rate hikes were to be expected as inflation continues to rise.

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