In the case of underlying inflation, which eliminates the most volatile goods and services from its calculations, Inegi reported that it rose to 3.65% annually.

Inflation in Mexico rose again in February after three months of slowdowns, according to information released by the National Institute of Statistics and Geography (INEGI).

In the month of love and friendship, the National Consumer Price Index (NCPI) showed a monthly variation of 0.28%, bringing the annual rate to a level of 3.77%.

The February figure was in line with market estimates. A Reuters poll showed that a rebound to 3.77% was already expected, which maintains expectations that the Bank of Mexico (Banxico) will continue to cut rates.

After years of remaining outside Banxico's target range of 3% +/- 1 percentage point, inflation returned this year to the limits imposed by the central bank.

This has allowed the institution, headed by Victoria Rodríguez Ceja, to cut its interest rate on several occasions, after setting it at a record level of 11.25% at the beginning of last year.

At the next monetary policy meeting, scheduled for March 27, Banxico's Governing Board is expected to cut its rate again by 50 basis points, bringing it to 9.0%.

This would occur at a time when the tariffs that the United States imposed on Mexican imports, but which have been postponed on different occasions, could generate pressure on inflation.

General rebound

The Inegi report showed that in February, the two components of the INPC showed an annual advance in February.

In the case of core inflation, which excludes goods and services with more volatile prices from its calculations, it rose to 3.65% annually.

Within this, goods showed an annual price increase of 2.75%, while services rose by 4.64% compared to a year ago.

In the case of non-core inflation, the annual rate stood at 4.08%.

In detail, the agricultural sector showed a price increase of 3.89%, where fruits and vegetables decreased by 5.54%.

Energy prices and government-authorized tariffs, on the other hand, showed an annual inflation rate of 3.57%.