The price of serrano peppers has increased 114.81 percent in Mexico over the course of the last 12 months. Photo: Google


Despite predictions by both President Andrés Manuel López Obrador (AMLO) and the Central Bank of Mexico (Banxico) that inflation in Mexico had peaked in late 2022, consumer prices increased to 7.94 percent in the first two weeks of January.

According to data supplied on Tuesday, Jan. 24, by the National Institute of Statistics and Geography (Inegi), during the first two week of 2023, Mexico’s annual inflation rate jumped to nearly 8 percent, thus exceeding market and analyst expectations.

The data from the Inegi’s National Consumer Price Index (INPC) was higher than the 7.86 percent reported in the second half of December 2022, and the 7.85 percent estimated by a private sector consensus

As for the products with the highest increases at the annual rate, serrano peppers stood out, with an increase of 114.81 percent, followed by tomatoes, with a 43.36-percent rise, and oranges, with a 38.40-percent jump.

Mexico’s core price index registered an annual rise of 8.45 percent, and its non-core index increased by 6.44 percent.

Within core inflation, merchandise prices rose 11.02 percent at an annual rate in the first fortnight of 2023, driven by the cost of food, beverages and tobacco, at 14.09 percent, while services rose 5.47 percent.

In the case of the non-core index, the increase in agricultural products was 9.99 percent, and energy and tariffs authorized by the government was 3.59 percent.

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