Mexico's annual consumer inflation slows down in July

Mexico's annual consumer inflation slows down in July

Producer price index declines 0.76% annually

By Ovunc Kutlu

ISTANBUL (AA) - Mexico's consumer inflation slowed down in July annually, according to official figures released on Wednesday.

Annual consumer inflation came in at 4.79% last month, a slowing pace from June's level of 5.06%, said the national statistics agency, INEGI.

The figure came in line with market expectations.

On a monthly basis, consumer prices increased 0.48% in July, following a 0.1% monthly gain the month before. The market estimate for the figure was to show a monthly gain of 0.49%.

The producer price index, including oil, showed an annual decrease of 0.76% in July, also slowing its pace from the previous month's gain of 0.87%.

On a monthly basis, however, producer prices increased 0.29% last month, after falling 0.31% the month before, according to INEGI figures.

Mexico's central bank in May kept its key interest rate steady at the record high level of 11.25%.

The Bank of Mexico last hiked its key interest rate in March by 25 basis points, its 15th rate increase since mid-2021.

In the last 10 meetings, Mexico's central bank made a rate hike of 50 basis points six times and 75 basis points four times.

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