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MEXICO: Mejia Points to Core CPI Progress, Heath Turns Focus to Headline

MEXICO
  • Most recent comments from Banxico Deputy Governor Omar Mejia highlighted the division within the central bank committee. Speaking in an interview, Mejia noted Mexico’s prolonged slide in core inflation and a recent economic slowdown were among factors that supported the central bank’s decision to cut rates in last week’s split vote. 
  • The views come in direct contrast to fellow Deputy Governor, Jonathan Heath, who claimed that the decision to cut rates last week was premature. His comments surrounding the uptick in headline CPI potentially contaminating other price categories are interesting given his prior focus on Core dynamics in late 2023.
  • Mejia highlighted that, although Banxico made an upward revision to its forecast for headline CPI for the end of 2024 and the first quarter of 2025, the bank still sees inflation converging to its target by the H2 next year, as monetary policy remains restrictive.
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