By MARK LORENZANA

Mexico’s National Institute of Statistics and Geography (Inegi) announced on Tuesday, Aug. 23, that during the first 15 days of this month, the National Consumer Price Index (INPC) increased 0.42 percent, bringing the country’s annual rate of inflation to 8.62 percent.

According to the Inegi, the INPC recorded its highest level since the second half of December 2000, at 8.87 percent.

The Citibanamex Financial Group, in a statement, said that the INPC result was slightly above market expectations, which was estimated at 8.5 percent.

As a result of uncontrolled inflation, the prices of food products, as well as natural domestic gas and laundry soap, have shot up.

Gabriela Siller, director of economic analysis at Banco Base, said that food products hit an annual inflation rate of 12.73 percent in the first half of August, which represents a new high since the second half of December 1999.

Food products with prices that were the most affected by inflation include onions at 92.64 percent, potatoes and other tubers at 69.56 percent, watermelon at 36.67 percent, wheat flour at 36.01 percent, eggs at 32.33 percent, edible vegetable oils and fats at 31.08 percent, white bread at 28.5 percent, flour tortillas at 23.11 percent and sweet bread at 22.90 percent