High Core CPI To Be More Persistent Than Expected: Banxico's Heath

In a series of tweets Banxico Deputy Governor Jonathan Heath talks about the persistence of core inflation:

• “The immediate question is if we could think that core inflation peaked now in February and could already start to slow down. What I see is no.”
• “The monthly rates of the underlying have accelerated in the last three months. Everything indicates that this trend will continue in March. For now, my projection is that it will exceed 6.7% in March.”
• “Finally, we have to factor into the equation the inflationary impact of the war in Russia, although it is difficult to anticipate, but it will clearly be on the rise.”