The inflation data for January was above the 3.69% last December.
Although a new inflationary rebound is expected in the summer, due to the effects of the World Cup, this behavior will be brief and inflation could show better behavior at the end of the year.
Bank of Mexico (Banxico) has the mandate to, through monetary policy, keep inflation at 3% with a variability range of one percentage point up or down.
This inflation data supports Banco de México’s arguments for not lowering the interest rate. The central bank decided last week to pause the cuts cycle to gauge the impact of the increase in IEPS taxes.
The interest rate remained at 7% and analysts expect there to be two more cuts so the rate would close the year at 6.5%.
Analysts expect that, as inflation data is released, the central bank will resume the cuts in next May or June.
What increased the most in price?
In January, inflation saw a rebound due to the increase in the price of cigarettes, packaged soft drinks as well as the services of inns, loncherías, cake shops and taquerias.
There was also an increase in the price of housing, restaurants and electricity.
Of vegetables, the increase in the price of lemon and banana stood out.
What dropped in price in January?
On the contrary, the products and services that dropped the most in price were air transport, eggs and LP gas.
Foods such as serrano pepper, onion, lettuce and cabbage also saw an improvement.
In January 2026, the National Consumer Price Index #INPC It stood at 143,588 and represented an increase of 0.38% compared to the previous month. With this result, annual general inflation was 3.79%.
By component, annual inflation was the following:
▪️4.52% underlying… pic.twitter.com/gYriKUWeTv— INEGI INFORMA (@INEGI_INFORMA)
February 9, 2026
