National Consumer Price Index Increased 0.46% in January: INEGI
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National Consumer Price Index Increased 0.46% in January: INEGI

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Emilio Aristegui By Emilio Aristegui | Junior Journalist and Industry Analyst - Wed, 01/25/2023 - 13:43

INEGI reports that the National Consumer Price Index (INPC) grew 0.46% during the first half of January 2023 in comparison to the previous fortnight. With this result, general annual inflation hit 7.94%. During the first fortnight of January 2022, biweekly inflation stood at 0.39% and annual inflation at 7.13%. 

The underlying price index, which includes goods and services whose prices are more volatile, registered an increase of 0.44% at a biweekly rate and of 8.45% at annual rate. INEGI explained that the non-core price index suffered a greater increase, growing 0.51% biweekly and 6.44% at an annual rate.

The core index, at a biweekly rate, registered a growth in merchandise prices of 0.55%, a larger increase in comparison to services, which grew 0.30%. Within the non-core index, the prices of agricultural products and those of energy and tariffs authorized by the government grew by 0.35% and 0.64%, respectively, at a biweekly rate. 

The states with the largest increases in the INPC were Chiapas, Guerrero, State of Mexico, San Luis Potosi and Tabasco. On the other hand, states with the smallest adjustments were Baja California Sur, Durango, Tamaulipas, Oaxaca and Guanajuato. 

INEGI explained that the INPC is an economic indicator that measures the average variation of the prices of a determined basket of goods and services representative of household consumption in Mexico. The calculation and disclosure are done on the days 10 and 25 of each month. “The INPC is an important indicator and of general interest to society,” said INEGI via a press release. 

James Bullard, President, US Federal Reserve (Fed) says that inflation might ease up in 2023 following the small GDP growth seen during 2H22. Meanwhile, Banxico insists on raising interest rates, as Mexico has continuously followed the US’s measures regarding monetary policy, as reported by MBN. 

“Inflation is too high and remains too high, but it may decline. However, we know energy, commodity and food prices can highly influence this, so other measures of inflation should be checked to strip out volatile price movements and look at the center price range distribution,” said Bullard

Photo by:   Image by Kaffeesüchtig from Pixabay

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