By Rubén Migueles

In the first fortnight of March, the National Consumer Price Index observed an increase of 0.27% compared to the immediate previous period.

The bi-weekly increase was mainly influenced by the rise in prices of services related to the Easter holiday period, such as air transport.

After three fortnights of decline, inflation in Mexico rose again, reaching 4.48% on an annual basis in the first half of March, according to data published by the National Institute of Statistics and Geography (INEGI).

In the first fortnight of the third month of the year, the National Consumer Price Index observed an increase of 0.27% compared to the immediate previous period, its highest increase for that period since 2022.

The overall price increase in the first fortnight of February was above the consensus of analysts, which was 4.44% annually, but within the range of their expectations, ranging from a minimum of 4.26% to a maximum of 4.57% forecast by the 34 financial institutions consulted by CitiBanamex.

The bi-weekly increase was mainly influenced by the rise in prices of services related to the Easter holiday period, such as air transport with a bi-weekly increase of 35.98%; package tourist services, 10.05%; as well as products such as chicken with an increase of 7.04% and lemons, 5.01%.

The Core Price Index, which includes goods and services whose prices are less volatile, observed a bi-weekly growth of 0.33% and an annual rate of 4.69%, higher than the 4.66% observed in the previous fortnight. Within it, the prices of goods increased by 3.96% annually and services by 5.57%.

In the same period, the Non-Core Price Index advanced by 0.09% bi-weekly, with an annual increase of 3.84% compared to the 3.42% increase observed in the immediate previous period. Within the index, prices of agricultural products grew by 4.69% annually, while those of energy and government-authorized fees increased by 3.12%.

Finally, the Minimum Consumption Basket Price Index, which evaluates the prices of 176 products and services that make it up, contained in the food and non-food basket of the National Council for the Evaluation of Social Development Policy (Coneval), had a bi-weekly variation of 0.17% and an annual increase of 4.03%.

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