June Inflation Falls to 3.37%, World Cup Economic Impact Muted

This week in finance: Mexico's annual inflation rate slowed to 3.37% in June. Meanwhile, domestic and international tourist arrivals in Mexico for the 2026 FIFA World Cup fell 40% below initial private sector projections, per Deloitte. In other news, Mexico sharply curbed public spending during the first five months of 2026, executing a record US$24.03 billion underspend.

More news below:

Mexico Inflation Falls to 3.37% Lowest Since 2020

Mexico's annual inflation rate slowed to 3.37% in June, marking its lowest level since December 2020 and remaining within the central bank's target range for the second consecutive month. According to data released by the National Institute of Statistics and Geography (INEGI), the slowdown was driven primarily by a 6.48% annual decline in livestock product prices. The sharper-than-expected moderation provides temporary relief for consumers and businesses while reinforcing expectations that inflation remains on a downward trend.

World Cup Economic Impact Falls 7% Short of Forecasts: Deloitte

Domestic and international tourist arrivals in Mexico for the FIFA World Cup 2026 fell 40% below initial private sector projections, according to a Deloitte study issued at the conclusion of the tournament. The  report, titled "What Happens After the World Cup? The Economic Impact on Businesses," estimated an overall economic impact of US$2.54 billion, representing 0.12% of the national GDP. This figure fell 7% short of Deloitte’s initial forecasts. 

Mexico Freezes Public Spending Amid Ratings Crunch

Mexico sharply curbed public spending during the first five months of 2026, executing a record MX$418 billion (US$24.03 billion) underspend to control its rising fiscal deficit. The cuts, coming amid intense pressure from international credit rating agencies for fiscal consolidation, follow a previous drop in the fiscal deficit from 5.8% of GDP in 2024 to 4.9% in 2025, falling short of the initial 3.9% deficit target. According to data released by the Ministry of Finance (SHCP), public expenditure reached MX$3.9 trillion (US$224.24 billion) from January to May 2026, falling 9.5% below the programmed budget. Analysis by the independent think tank Mexico Evalúa indicates that this underspend represents 1.2% of Mexico's GDP, marking the largest fiscal under-execution for a January-to-May period since 2005. 

Banobras, SHCP Prepare US$4 Billion Renewable Energy Package

Mexico’s Ministry of Finance (SHCP) and the National Bank for Public Works and Services (Banobras) structured a US$4 billion financing package to fund private sector participation in upcoming public-private tenders for renewable energy generation and storage infrastructure. The development bank plans to aggregate capital allocations from commercial banks, domestic pension funds, and international institutional investors within the next 12 months, with initial transactions scheduled to close before Dec. 2026. The structured capital will support 36 solar-centric projects recently awarded to 18 distinct corporations. Furthermore, Banobras is introducing preferential lending rates for enterprises sourcing machinery, technical equipment, and operational components manufactured directly within Mexico to stimulate domestic industrial supply chains. 

Nu México Receives Full Banking License From CNBV, SHCP

Nu México received formal regulatory authorization from Mexico's National Banking and Securities Commission (CNBV) and the Ministry of Finance and Public Credit (SHCP) to begin operating as a fully licensed commercial banking institution. According to its Brazil-based parent organization, Nubank, this regulatory green light will turn Nu México into the largest independent digital banking platform operating country-wide.