Inflation hit its highest level since May 2023 in July

In July 2024the National Consumer Price Index showed a increase of 1.05% compared to the previous month. In the same month of 2023, monthly inflation was 0.48% and annual inflation was 4.79%.

Core inflation, which strips out the economy’s most volatile prices and is a better long-term parameter, increased 0.32% on a monthly basis and 4.05% on an annual basis.

Within the underlying index, at a monthly rate, merchandise prices rose by 0.12% and services prices by 0.55%.

The non-core price index registered a monthly increase of 3.29% and an annual increase of 10.36%. Within this index, prices of agricultural products increased by 5% and those of energy and government-authorized tariffs by 1.69%.

Among the non-core index products, there is also a jump of more than 23%, at an annual rate, in fruits and vegetables.

Products on the rise and fall

Inegi also presented the main generic products whose price variations stood out for their impact on general inflation.

Products upward:

1. Tomato – 33.34%
2. Domestic LP gas – 6.70%
3. Orange – 18.57%
4. Onion – 25.08%
5. Low octane gasoline – 1.14%

Products down:

1. Serrano chili -18.35%
2. Grape -18.97%
3. Sugar -2.41%
4. Automobiles -0.41%
5. Green tomato -4.68%