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Banxico Releases Minutes of February Meeting

MEXICO
  • Banxico minutes here: https://www.banxico.org.mx/publications-and-press/...
  • The monetary policy decision section mirrors the policy statement word for word and notably no dissenting opinions on the guidance.
  • Banxico further acknowledged the disinflationary process in the February minutes. Nevertheless, “it estimated that the outlook is still challenging” with all members highlighting that core inflation continued trending downwards, registering 4.76% in January 2024.
  • On expectations: one member stated that “expectations for the average of the next four years were at 3.7%, still above their historical average prior to 2020, while those for the next five to eight years remained at 3.5%.”
  • “The majority stated that services inflation still does not show a clear downward trend and that most members mentioned that services inflation continues reflecting the cost-related pressures that have accumulated as a result of the pandemic and the war in Ukraine.”
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