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The two countries, and among the main economies of the region, have several consecutive months of decline in the cost of living, after a sustained period of increases in interest rates to discourage consumption. Brazil managed to keep the rate within the central bank’s target range, while Mexico’s figure is the lowest since October 2021.
They occupy prominent positions as the first economies in the region, and now they are also the countries with the smallest numbers when it comes to inflation.
In March, Mexico managed to get the variation in the Consumer Price Index (CPI) to reach 6.85% year-on-year, the lowest figure in at least one year and five months.
The country experienced a considerable slowdown in the prices of energy, food, non-alcoholic beverages, housing, transportation, and others.
Core inflation, the data that excludes the food and energy records because they are very volatile, was higher than forecast and reached 8.09% annual in March. Mexican financial institutions expected the figure to be around 8.07%.
The news is a relief for Mexican citizens who, since August, had experienced inflation that was close to reaching double figures and which brought with it a strict monetary policy from the country’s central bank, when it began a sustained increase in interest rates and put pressure on the pocket of citizens to cool the economy.
The Central Bank of Brazil achieved its goal
In Brazil, the records reveal a downward trend more clearly. The annual variation of the CPI in March reached 4.65%, the lowest rate since January 2021 and a figure that was within the target of the country’s central bank (1.75% – 4.75%).
The figure was motivated by the slowdown in the prices of food, beverages and transportation, while the prices of health and personal care accelerated.
Latin America united against inflation
The positive data for the two Latin American countries comes just one week after 11 nations in the region agreed on various actions to combat inflation and strengthen integration and trade in the area.
On April 5, Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Cuba, Honduras, Venezuela, and Saint Vincent and the Grenadines met virtually in a summit that aims to strengthen the economies of those countries and their productive sectors.
In order to strengthen our economies and productive sectors, we unite regional wills and efforts to guarantee food security and face shortages through the “Alliance of Countries of Latin America and the Caribbean against Inflation”. pic.twitter.com/SRUxP1sjqm
– Economy Mexico (@SE_mx) April 6, 2023
Among the proposals, the block promised to advance in the definition of commercial facilities and logistical measures to find more flexible scenarios for the sale and purchase of raw materials among themselves, as well as to seek that international credit is much more simple.
“Coordinate efforts with producers, buyers, transporters and logistics operators from the private sector and other economic actors to follow up on the agreements of this Summit and its results.“they indicated.
In a statement from the Mexican government, the president of that country assured that the Latin American group intends to invite the other countries of the region, “with the aim of contributing to the integral well-being of Latin America and the Caribbean.”
With local media.
