LatinNews Daily - 10 August 2022

In brief: Inflation remains high in Mexico

* Mexico’s national statistics institute (Inegi) has released its latest figures on the national consumer price index (INPC) which showed monthly inflation of 0.74% in July. According to Inegi, the figures now bring annual inflation to 8.15%, a 2.34 percentage point increase on the annual rate registered in the same period of the previous year. The sectors which posted the highest year-on-year increases were food and non-alcoholic beverages (+14.15%), restaurants and hotels (+10.25%) and miscellaneous goods & services (+9.12%). Inflation for agricultural products rose by 1.64% from the previous month and 16.05% year-on-year, while energy and government-authorised tariffs rose by 0.63% month-on-month and 4.76% year-on-year. Speaking at a daily press conference on 8 August, Mexico’s President Andrés Manuel López Obrador said that the Russia-Ukraine conflict was to blame for rising inflation, stating that the conflict has “increased inflation, caused food shortages and more poverty”.

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