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Mexico CPI inflation 4.79% y-o-y (consensus 4.8) in Jul-23

- Mexico's CPI inflation in Jul-23 recorded a year-on-year increase of 4.79%, consistent with the consensus forecast of 4.8%. This reflects a decrease from the previous month and the lowest inflation level since March 2021.
- The inflation rate is significantly below both the one-year average by 2.35 percentage points and the long-run average by 16.92 percentage points, indicating a departure from historical trends. Nonetheless, core inflation remains elevated at 6.64%, implying persistent inflationary pressures even after excluding volatile components.

Mexico PPI inflation -0.76% y-o-y in Jul-23

- Mexico's PPI inflation in July 2023 registered a decline of 0.76% year-on-year, showing a slight improvement compared to the previous reading of -0.88%.
- The current PPI inflation remains significantly below both the one-year average by 4.56 percentage points and the long run average by 5.52 percentage points, signaling challenges for producers in passing on cost increases to consumers.