MEXICO CITY, March 9 (Reuters) – Mexico’s annual inflation rate accelerated in February, landing higher than expectations and surpassing the central bank’s target range, official data showed on Monday.
Consumer prices in Latin America’s second-largest economy rose 4.02% in the year through February, according to national statistics agency INEGI, above the 3.94% increase expected by economists in a Reuters poll, and up from 3.79% the previous month.
Mexico’s central bank, also known as Banxico, has an inflation target of 3%, plus or minus a percentage point, and keeps a close eye on inflationary pressures when it comes to its future monetary decisions.
The closely watched core index, which strips out some volatile food and energy prices, landed at 4.5%, in line with expectations and compared with a 4.52% rate registered the prior month.
In February alone, consumer prices rose 0.50%, exceeding expectations of a 0.43% rise, while the core index rose 0.46%, slightly below market forecasts.
(Reporting by Aida Pelaez-Fernandez and Ricardo Figueroa; Editing by Aidan Lewis)
Comments