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Despite efforts by Mexico’s Central Bank (Banxico) last month to rein in inflation through a hike in interest rates, the average price of regular unleaded gasoline hit 24 pesos per liter on Monday, July 12, its highest cost ever, according to the country’s Energy Regulatory Commission (CRE), which is in charge of monitoring fuel prices.

Premium gasoline also hit an all-time high at an average of 25.41 pesos a liter, while diesel sold for an average of 24.94 pesos per liter.

These hikes represent a whopping 3.7 peso increase compared to the national average for a liter of gasoline in June.

According to the CRE, in the last 12 months, the average cost of regular gasoline has increased by 13.26 percent, while the average cost of premium gasoline and diesel have risen 19.98 percent and 13.48 percent, respectively.

Mexico’s annual inflation rate reached 6.05 percent in the first quarter of 2021, its highest level since December 2017, according to the National Institute of Statistics and Geography (Inegi).


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