Analysts estimate that inflation will close the year at 7.6%

Analysts estimate that inflation will close the year at 7.6%

Prior to the Christmas celebrations, annual inflation in November registered its highest level in 20 years (7.73%), which has put thousands of Mexicans in trouble who have had to look for economic alternatives for year-end dinners .

For core inflation -which does not include products with higher price volatility-, the survey participants show optimism, as they expect 2021 to end at 5.60%, a figure lower than the 5.70% of the November survey; They estimate that the indicator will close next year at 4% and 3.63% in 2023.

In November, the underlying index stood at 5,678%.

To bring inflation to its target (3% +/- one percentage point), Banxico raised its benchmark interest rate by 50 basis points on Thursday, leaving it at 5.5%.

Low expectation for the economy

Regarding economic growth, the outlook does not look so good, as the survey reveals that growth of 5.6% is expected, less than the 5.7% in November.

For 2022 the expectation fell from 2.8% to 2.77%, and for 2023 2.15% growth in gross domestic product is expected, slightly more than in November (2.1%).

Analysts expect the exchange rate to close the year at 21 pesos per dollar, for next year they estimate 21.65 pesos and for 2023 they forecast 21.90 pesos per dollar.

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