Mexico - April 2026

MEXICO | Inflation picks up in March. On 9 April Mexico’s national statistics institute (Inegi) released the latest figures for its consumer price index (INPC), which put monthly inflation in March at 0.86% and annual inflation at 4.59%. Both rates saw increases from the previous month - monthly inflation rose from 0.50% in February and the annual rate rose from 4.02%. Core inflation, which excludes volatile items such as food and fuel, rose 0.38% in monthly terms and 4.45% year-on-year in March. This compares with a 0.46% monthly rise in February, when the annual core inflation rate stood at 4.50%.

MEXICO | GFCF down. On 6 April Mexico’s national statistics institute (Inegi) announced that gross fixed capital formation (GFCF) in January 2026 was down by 1.1% in monthly terms and by 2.2% in annual terms, according to seasonally adjusted figures. This follows monthly increases of 0.5% in both November and December on the latest figures. The annual decline in January was the result of an 8.0% drop in investment in machinery and equipment while investment in construction was up 3.8%. The monthly result was driven by a 1.1% decline in investment in machinery and equipment while investment in construction was down 0.8%.

MEXICO | Trade deficit shrinks in February. On 27 March Mexico’s national statistics institute (Inegi) released trade figures for February 2026, revealing a trade deficit of US$463m. This compares to a deficit of US$6.48bn in January and a surplus of US$2.21bn in February 2025. Exports in February 2026 totalled US$56.85bn, up 15.8% year-on-year, while imports totalled US$57.31bn, up 20.8% on February 2025. Inegi attributed the decrease in the trade deficit from January to February to the increase in the trade balance of non-oil products, which went from a deficit of US$4.27bn in January to a surplus of US$1.55bn in February.

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)