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Banxico See Balance Of Risks For Inflation "Biased To The Upside"

MEXICO
  • Link to statement: https://www.banxico.org.mx/publications-and-press/announcements-of-monetary-policy-decisions/%7B49E2B408-A502-AB7F-4519-CA8CE491A8C9%7D.pdf
    • "Annual headline inflation was affected by the abovementioned factors and increased more than anticipated, reaching 6.08% in April, while core inflation and non-core inflation registered 4.13% and 12.34%, respectively. Inflation expectations for 2021 rose and those for the medium and long terms remained stable at levels above the 3% target."
    • "The revised forecasts for headline and core inflation display short-term levels above those published in the last Quarterly Report. Nevertheless, both are still expected to converge to the 3% target starting in the second quarter of 2022."
  • Certainly in wait and see mode but the board have acknowledged the risks are now tilted to the upside, as predicted by many of the sell-side analysts:
  • "The balance of risks that might affect the anticipated path for inflation within the forecast horizon is biased to the upside."
  • The minutes for the meeting will be published on 27th May, where it will be interesting to see if the three members who did not see 4% as the low point for the easing cycle, have changed their tune at all.
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