Inflation accelerates above expectations in June

In June 2024, the National Consumer Price Index presented a increase of 0.38% compared to the previous month, reported the National Institute of Statistics and Geography (Inegi).

Markets were expecting a 0.3% increase.

In addition, core inflation – which best indicates long-term price behavior by eliminating the most volatile prices in the economy – rose 0.22% monthly and 4.13% annually.

Within the underlying index, merchandise prices rose by 0.18% and services prices by 0.27%.

The non-core price index registered a monthly increase of 0.87% and an annual increase of 7.67%. Prices of agricultural products increased by 1.54% and energy prices and government-authorized tariffs by 0.26%, at a monthly rate.

Agricultural products complicate the task

In June, the prices of Agricultural products grew at an annual rate of 10.36%. Where fruits accounted for some of the biggest increases.

Products that increased the most in price

Inegi presented the main generic products whose price variations stood out for their impact on general inflation during June.

Upward:

Chayote, 128.58% monthly increase
Orange, 31.37%
Other vegetables and legumes, 15.48%
Avocado, 17.65%
Bananas, 13.98%
Lettuce and cabbage, 21.87%
Owned housing, 0.35%

On the downside:

Tomato, -12.82%
Serrano pepper, -27.02%
Egg, -3.10%
Internet, telephone and pay TV packages, -3.9%
Grape, -28.09%
Other fresh chili peppers, -10.42%