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Bi-Weekly CPI Data Due Before Banxico Decision

MEXICO
  • Inflation continues slowing in Mexico but remains above target. Waning shocks from supply-chain problems and the war in Ukraine account for most of the downtrend. Easing global inflation, accumulated peso appreciation and base effects are also contributing. Recovering domestic demand, increasing costs and price indexation limit the downside. With central bank rhetoric remaining centred around the persistence of core inflation, the usual focus will be on these readings. Data is due at 1300BST/0800ET:
    • June Bi-Weekly CPI, est. 0.13%, prior -0.01%
    • June Bi-Weekly CPI Y/y, est. 5.30%, prior 5.67%
    • June Bi- Weekly Core CPI, est. 0.22%, prior 0.17%
    • June Bi-Weekly Core CPI Y/y, est. 7.03%, prior 7.32%
  • All 25 economists surveyed by Bloomberg expect the central bank to hold its benchmark rate steady at 11.25% for a second straight meeting. The decision is due at 2000BST/1500ET. The full MNI preview with analyst views is here: https://roar-assets-auto.rbl.ms/files/54275/MNI%20Banxico%20Preview%20-%20June%202023.pdf

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