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Espinosa Says Banxico Remains Worried About Trend In Services Inflation

MEXICO
  • MEXICO CENTRAL BANK DEPUTY GOVERNOR ESPINOSA: INFLATION HAS BEEN 'STICKY,' WE STILL SEE PRESSURE ON CORE SIDE AND SERVICES SIDE
  • WE ARE EXPECTING INFLATION TO START DECLINING IN SECOND QUARTER
  • WE ARE WORRIED ABOUT THE TREND IN SERVICES, WHICH ARE INCREASING AND ARE WELL ABOVE OUR TARGET - Reuters
  • Note that yesterday, Banxico’s Espinosa highlighted that core inflation pressures have been very stubborn and that “there is the need for an additional monetary effort” speaking in a Bloomberg TV interview.
    Following this morning’s data, her comments likely bolster the likelihood of an additional rate hike at the March 30 decision. This remains the most likely outcome among sell-side forecasters at this point.
  • “The prints of inflation lately have brought some good news, nevertheless we’re in a very complex and uncertain environment, so we’ve to be very careful about how to give forward guidance,” Espinosa said.
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