Mexico - February 2026

MEXICO | Inflation edges up in January. On 9 February Mexico’s national statistics institute (Inegi) released the latest figures for its consumer price index (INPC), which put monthly inflation in January at 0.38% and annual inflation at 3.79%. Both rates saw slight increases from the previous month: monthly inflation rose from 0.28% in December, and the annual rate rose from 3.69%. Core inflation, which excludes volatile items like food and fuel, stood at 0.60% in monthly terms and 4.52% in annual terms, up from a monthly core rate of 0.41% in December when the annual core rate was 4.33%.

MEXICO | Banxico pauses rate cutting cycle. On 5 February Mexico’s central bank (Banxico) voted to maintain its benchmark interest rate at 7.0%, following over one-and-a-half years of consecutive rate cuts. The bank’s governing board announced the pause in its rate-cutting cycle, which began in August 2024, citing rising inflation and persistent trade tensions. Banxico noted that forecasts for headline and core inflation had been adjusted upwards for this year and next. Both the headline and core inflation rates are now expected to converge to the 3.0% target by the second quarter of 2027, rather than the third quarter of 2026 as forecast in December.

MEXICO | Economic growth rebounds in Q4. On 30 January Mexico’s national statistics institute (Inegi) released preliminary figures on the country’s economic activity in the fourth quarter of 2025, estimating quarterly growth of 0.8%, compared with the 0.3% contraction in the previous quarter. In yearly terms, Inegi estimates that GDP grew by 1.6% in the final quarter of 2025. For all of 2025, GDP rose 0.7% compared to 2024. In Q4 2025, activities in the primary sector (agriculture) were down by 2.7% in quarterly terms, while those in the secondary sector (manufacturing) and tertiary sector (services) were both up by 0.9%.

Mexico: GDP growth
Percentage variation (year-on-year)

Mexico: unemployment rate
Economically active population

Mexico: inflation rate
Percentage variation (year-on-year)

Source (all graphs): National Statistics Institute (Inegi