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Banxico Minutes, Bi-Weekly CPI, March Economic Activity Due

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  • Banxico will publish the minutes to its May MPC meeting at 1600BST(1100ET), when it unanimously agreed to hold rates, but significantly revised up this year’s inflation forecasts and delayed the convergence of inflation to target to end-2025.
    • The full MNI review with analyst views is here.
  • On the data front, bi-weekly CPI data for the first half of May are due at 1300BST(0800ET), with the headline rate expected to rise to 4.75% y/y, from 4.67%, while core edges down to 4.31% y/y, from 4.34%. March economic activity will also cross at 1300BST, with analysts expecting growth to decline to -1.03% y/y, from +4.36%. Final Q1 GDP data are also due at the same time, with growth set to print at 1.6% y/y.
    • March Economic Activity IGAE YoY, est. -1.02%, prior 4.36%
    • May Bi-Weekly CPI YoY, est. 4.75%, prior 4.67%
    • May Bi-Weekly Core CPI YoY, est. 4.31%, prior 4.34%
  • In other news, at least four people were killed at a campaign event for presidential candidate Jorge Alvarez Maynez yesterday, when a storm caused the stage to collapse. Alvarez Maynez was unharmed.
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  • Banxico will publish the minutes to its May MPC meeting at 1600BST(1100ET), when it unanimously agreed to hold rates, but significantly revised up this year’s inflation forecasts and delayed the convergence of inflation to target to end-2025.
    • The full MNI review with analyst views is here.
  • On the data front, bi-weekly CPI data for the first half of May are due at 1300BST(0800ET), with the headline rate expected to rise to 4.75% y/y, from 4.67%, while core edges down to 4.31% y/y, from 4.34%. March economic activity will also cross at 1300BST, with analysts expecting growth to decline to -1.03% y/y, from +4.36%. Final Q1 GDP data are also due at the same time, with growth set to print at 1.6% y/y.
    • March Economic Activity IGAE YoY, est. -1.02%, prior 4.36%
    • May Bi-Weekly CPI YoY, est. 4.75%, prior 4.67%
    • May Bi-Weekly Core CPI YoY, est. 4.31%, prior 4.34%
  • In other news, at least four people were killed at a campaign event for presidential candidate Jorge Alvarez Maynez yesterday, when a storm caused the stage to collapse. Alvarez Maynez was unharmed.