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Despite the efforts of the government and the tightening of monetary policy, the inflation to consumers registered, in the first half of June, continued to accelerate, according to data published by the National Institute of Statistic and Geography (Inegi).

The first fortnight of June, the National consumer price index (INPC) showed a monthly advance of 0.49%, with which, at the annual rate, inflation reached a level of 7.88 percent.

This meant an acceleration in the level of inflation since in the second half of May, the increase in prices at the national level averaged 7.72 percent.

In recent months, inflation has turned on the red lights worldwide. The high levels it has presented, and which affect lower-income people to a greater extent, have generated a tightening of monetary policy.

In the case of Mexico, it is expected that this afternoon, the Bank of Mexico (Banxico) will announce its monetary policy decision, where the market expects an increase in its interest rate of at least 75 basis points. , which would reach 7.75 percent.

Underlying, the highest pressure

Within the Inegi report, it was observed that underlying inflation, which Banxico sets for its monetary policy decision, continues to be the greatest pressure.

This index, which excludes from its calculation the goods and services with more volatile prices, presented an annual increase of 7.47%, explained by the 9.85% rise in merchandise prices, and the 4.77% rise in services.

In the case of non-core inflation, an increase of 9.13% in its prices was observed. This was due to the fact that agricultural prices increased by 14.31%, while energy prices and government rates increased by 5.15 percent.

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