MNI BRIEF: Mexico Inflation Up To 3.77% In February
MNI (BRASILIA) - Mexico's INPC annual inflation was 3.77% in February, the Mexican National Institute of Statistics and Geography (INEGI) said Friday, announcing a figure in line with the 3.80% consensus forecast and up from 3.59% in January.
Core inflation was 3.65%, little changed from 3.66% in January.
The recent inflation improvement toward the 3% target is the main reason behind the Central Bank of Mexico's decision to accelerate the pace of its easing cycle, cutting by 50 basis points to 9.50% last month and indicating more reductions in upcoming meetings.
"On a monthly basis, the non-core price index decreased by 0.39%. Within this category, agricultural product prices fell by 1.44%, while energy prices and government-authorized tariffs increased by 0.41%," INEGI said. (See MNI INTERVIEW: Banxico Not Tied To Multiple 50BP Cuts-Borja)