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Inflation Date Due – 1200GMT/0700ET

MEXICO
  • Mexico: Headline inflation likely fell to 7.01% in January from 7.36% in December. Lower non-processed food and energy inflation should explain the decline, with accelerating core goods and services prices partially offsetting it. Core goods inflation is poised to extend its uptrend after rising to 7.40% in December, in line with lingering supply shocks and global prices.
  • Given the persistent pressure on core inflation, described by central bank board members as “still a very complicated scenario”, emphasis should be on this print ahead of tomorrow’s Banxico decision/statement.
    • * January CPI Core M/m, est. 0.58%, prior 0.80%
    • * January CPI M/m, est. 0.54%, prior 0.36%
    • * January CPI Y/y, est. 7.01%, prior 7.36%

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