Inflation thus achieved two consecutive months of deceleration, and its lowest level since last March when it stood at 4.42%.

Consumer inflation in Mexico slowed again for the second consecutive month in November, reporting its lowest level since last March, according to information released by the National Institute of Statistics and Geography (Inegi).

In November, the National Consumer Price Index (NCPI) grew by 0.44% per month, bringing the annual rate to 4.55%.

Inflation thus achieved two consecutive months of deceleration, and its lowest level since last March when it stood at 4.42%.

However, inflation continued to be above the Bank of Mexico's (Banxico) target range of 3% +/- 1 percentage point. In fact, a few weeks ago the central institution, headed by Victoria Rodríguez Ceja, slightly revised its inflation forecast upwards from 5 to 5.1% for the end of 2024.

Despite the revision, Banxico expects inflation to return to the target range in the last quarter of 2025.

General slowdown

The Inegi report showed a general slowdown last November, with the two indices that make up the INPC showing declines.

In the case of underlying inflation, which eliminates the most volatile goods and services from its calculations, it reported 22 months of slowdowns, reaching a level of 3.58%.

Within this category, merchandise prices reported an annual increase of 2.39% in November, while services recorded inflation of 4.90%.

In the case of non-core inflation, it slowed to 7.60% annually after the rebound reported last October.

Within this category, agricultural prices rose 10.74% annually, while energy prices and government-authorized tariffs showed inflation of 4.55%.