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Inflation in June reaches 7.99%, encouraged by food prices

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Food and energy will pressure inflation in 2022

Analysts also expected a 0.80% monthly advance in the Underlying inflation, a component that excludes the most volatile prices in the economy. However, the Inegi reported that this index increased 0.77% at the monthly rate and 7.49% per annum; the rise is slightly lower than market expectations.

Within the underlying index, at a monthly rate, the prices of merchandise increased 1.00% and those of services, 0.50%.

The non-core inflation -which includes the prices of the most volatile products, such as agricultural products, and the tariffs authorized by the government- increased 1.07% at the monthly rate and 9.47% at annual rate. An advance greater than that projected by the Citibanamex Survey, where an increase of 0.89% monthly and 9.27% ​​annually was expected.

Food fueled inflation

In June, the category of food, beverages and tobacco was the one that had the largest increase within the non-core component, with a monthly increase of 1.28%, reaching a annual rate of 11.84%.

And, within the non-core component, the prices of agricultural products also showed the greatest increase, with a monthly advance of 1.76% and an annual advance of 15.02%.

The potato and other tubers increased their price 28.62% in June, at a monthly rate. While chicken, orange and sweet bread increased at a monthly rate of 3.35%, 24.85% and 2.29%, respectively.

In addition, packaged soft drinks had a monthly increase of 1.66% during June.

The prices of lunch shops, fondas, torterías and taquerías increased 0.96% and those of restaurants advanced 0.99%.

On the contrary, the foods that lowered their prices the most during June were lemon (-17.02%), serrano chili (17.18%), onion (-4.58%), grapes (-14.88%) and tomato (-1.29 %).

On the other hand, electricity had an increase of 2.59% and domestic LP gas had a monthly decrease of 2.13%, during June.

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