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09.07.2024 14:59:52

Mexico Inflation Rises To 1-Year High

(RTTNews) - Mexico's consumer price inflation increased more-than-expected in June to the highest level in one year, data from the National Institute of Statistics and Geography, or INEGI, showed on Tuesday.

The consumer price index climbed 4.98 percent year-on-year in June, following a 4.69 percent rise in May. The expected increase was 4.84 percent.

The latest inflation rate was the highest since June last year, when prices had risen 5.06 percent.

Moreover, the inflation rate remained above the central bank's upper target range of 4.0 percent.

Data showed that core inflation eased further to 4.13 percent in June from 4.21 percent, while the monthly rate rose somewhat to 0.22 percent from 0.17 percent.

Prices for food and non-alcoholic beverages alone grew by 6.54 percent in June, faster than the 6.0 percent gain a month ago.

Costs for housing and utilities increased 4.52 percent from last year versus a 3.76 percent rise a month ago.

On a monthly basis, consumer prices increased by 0.38 percent in June, reversing the 0.19 percent fall in the prior month. Economists had forecast a 0.24 percent increase.

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