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By KELIN DILLON

According to new data from the Mexican National Institute of Statistics and Geography (Inegi), Mexico’s annual inflation rate increased by 5.57 percent year-over-year in July, the highest level seen in the country since May 2023.

The National Consumer Price Index (INPC) rose for the fifth consecutive month by 1.05 percent in July, the highest level registered for July in nearly two decades and outpacing financial analysts’ expectations.

However, the Inegi reported that core inflation decreased month-over-month from 4.13 percent in June to 4.05 percent in July.

July’s price increases mainly hit food products like tomatoes, onions, avocados, oranges, pork and eggs, with agricultural products as a whole rising by 5 percent during the month.

Meanwhile, merchandise prices increased at an annual rate of 4.05 percent, while services increased by 5.22 percent annually.