The National Consumer Price Index (INPC) slowed down and registered an annual variation of 7.58% in the first half of May, according to the National Institute of Statistics and Geography (Inegi). The figure is given after in the second half of April it will be located at 7.65%.

The INPC registered its lowest level since the first fortnight of last March, when it was 7.29%, and it is its second consecutive fortnight with decreases.

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Thus, inflation has been 29 consecutive fortnights above the target range set by the Bank of Mexico (3%, plus or minus one percentage point), although it was in line with market expectations, which estimated 7.57% at annual rate, according to Bloomberg.

The underlying price index, which excludes products with high price volatility from its accounting, stood at 7.24% at an annual rate, its first moderation after 16 consecutive fortnights with increases.

Inside, the prices of services were located at 4.76%, while the rise in the prices of merchandise was 9.45%.

Meanwhile, the non-core balance, which accounts for products with high price volatility, such as agricultural products or fuels, stood at 8.6% at an annual rate, its lowest variation since the second half of August.

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In a disaggregated manner, the prices of agricultural products presented a variation of 12.67%, while that of those of energy and tariffs authorized by the Government stood at 5.46%, this compared to the same period last year.

On the other hand, the price index of the minimum consumption basket registered a fortnightly reduction of 0.35%, but an increase of 8.14%.

In its comparison with the immediately previous fortnight, the INPC presented a deflation of 0.1%, its lowest variation since the first fortnight of August 2021.

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Original note