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Mid-October Core CPI Expected To Decrease To 5.49%

MEXICO
  • Bi-weekly CPI data will be in focus on Tuesday with Banxico board members remaining most concerned around the development of core readings. It is worth noting there will be one final inflation release before the next central bank decision, which both fall on November 09. Data today is scheduled at 1300BST/0800ET:
    • Oct. Bi-Weekly CPI, est. 0.33%, prior 0.13%
    • Oct. Bi-Weekly CPI YoY, est. 4.37%, prior 4.47%
    • Oct. Bi- Weekly Core CPI, est. 0.19%, prior 0.11%
    • Oct. Bi-Weekly Core CPI YoY, est. 5.49%, prior 5.74%
  • Speaking in an interview earlier this month, Deputy Governor Jonathan Heath said analysts are correct in pencilling in the start of Banxico’s monetary easing no earlier than the first quarter of 2024.
    • “Core inflation is what we’re really focused on,” Heath said. “They are the set of prices that should be susceptible to monetary policy actions. And that is just barely under 6%, still almost twice our target. So that means we still have a long, long way to go.”
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