The Inegi report showed that, during the first half of July, the National Consumer Price Index had a biweekly variation of 0.71%. Agricultural products were the greatest pressure due to an annual price increase of 25.69% of fruits and vegetables.

Inflation in Mexico accelerated again for the third consecutive time during the first half of July, thus reaching its highest level since the second half of May 2023, according to information released by the National Institute of Statistics and Geography (Inegi). .

The Inegi report showed that, during the first half of July, the National Consumer Price Index (INPC) had a biweekly variation of 0.71%, meaning that at an annual rate inflation stood at 5.61%. .

With this, inflation reported its third consecutive fortnight of accelerations, and its highest level since the second half of May of last year, when it stood at 5.67%.

In this way, inflation continues outside the Bank of Mexico (Banxico) target range of 3% +/-1 percentage point. In its last monetary policy meeting, where the Banxico Governing Board maintained the 11% interest rate level, some members pointed out the complex outlook for inflation.

Some analysts predict that it will be in August when the central bank cuts its rate, again, unanimously.

Within the report it was observed that although the pressures are general within the index, it is fruits and vegetables that continue to put pressure on the pockets of Mexicans, thus explaining the advance of inflation.

In the first half of the month, the non-core index showed a variation of 10.64% in annual comparison.

Within this, farmers were the greatest pressure due to an annual price increase of 25.69% of fruits and vegetables.

Regarding underlying inflation, which eliminates the price of the most volatile goods and services from its calculation, in the first half of the month it stood at 4.02% annually. In this area, the greatest pressure was concentrated in services, whose price increased 5.17% annually.