Household consumption in Mexico recorded a growth of 4.7% in February.
On a monthly basis, it is estimated that private consumption growth was 0.4% in January and just 0.1% in February.
During January of this year, the Private Consumption Indicator (IOCP) showed an average growth of 4.3% compared to the previous year, while for February, an increase of 4.7% was observed.
Household consumption in Mexico is estimated to have started 2024 on a positive note, albeit with still moderate growth, according to timely estimates from the Inegi (National Institute of Statistics and Geography).
During January of this year, the Timely Private Consumption Indicator (IOCP) showed an average growth of 4.3% compared to the previous year, while for February, an increase of 4.7% was observed.
This indicator provides a general overview of the behavior of household purchases of goods and services in Mexico; the estimates of this indicator are later revised in the publication of the Monthly Private Consumption Indicator (IMCP).
Although compared to last year, 2024 started with significant increases, if compared with the behavior of private consumption at the end of 2023, it has remained practically unchanged.
On a monthly basis, it is estimated that private consumption growth was 0.4% in January and just 0.1% in February.
If these levels in private consumption are confirmed, they would be aligned with consumer confidence behavior at the beginning of the year. Households remain moderate in their expectations, particularly those related to the economy in the coming year.
The Mexican peso is heading towards its third consecutive week of gaining ground against the US dollar. At the start of the session this Friday, March 15, the price of the dollar struggled to stay below 16.70 units but was aiming for a winning week closure, awaiting the monetary policy decisions of the Federal Reserve of the United States (Fed), as well as those of the Bank of Mexico (Banxico) next week.
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