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CitiBanamex Survey Sees Year-End CPI Forecast Raised To 5.10%

MEXICO
  • Analysts from a Citi survey have raised their 2023 year-end CPI Est. to 5.10% Vs. 5.02%. Within the survey, the new prediction for the next rate move is a cut and is expected in December 2023.
    • 2023 year-end inflation raised to 5.10% from 5.02%, 2024 year-end cut to 4.01% from 4.02%
    • 2023 GDP held at 1.90%, 2024 GDP held at 1.70%
    • 2023 year-end rate held at 11.25%, 2024 year-end rate held at 8.50%
    • 2023 year-end exchange rate lowered to 19.00 from 19.20 MXN/USD
  • Billionaire mining tycoon German Larrea asked the government to compensate his Grupo Mexico company for a seized stretch of railway in the south of the country, President AMLO said. Larrea asked for $531 million for a 75-mile section of railway that the military seized on Friday, Lopez Obrador said. AMLO stated that a valuation process will determine what — if anything — should be paid to Grupo Mexico which operated the concession.
  • Separately, Mexico’s Supreme Court invalidated a decree by President Andres Manuel Lopez Obrador designating some of his flagship public works of national security and public interest.
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