“There are still conditions of high uncertainty and taking food prices higher than expected, but we have already reached a ceiling in general inflation,” said David Cervantes, senior economist at BBVA at a conference.
The financial institution estimated that in 2022 general inflation will close at 8.5%, in 2023 it will be 4% and until 2024 it will be possible to see a level of 3.7%.
BBVA highlighted that the inflation observed in the third quarter is the highest since the central bank set the objective of 3% with a variability range of 1% upwards or downwards.
Economic growth forecast lowered
BBVA Mexico lowered its economic growth expectations for 2023. While this year the economy is expected to grow 2%, for next year forecasts point to 0.6% from a previously estimated 1.6%.
By 2024, Mexico will grow at a rate of 1.8%.
