This marks the second consecutive acceleration of inflation in Mexico, as well as its highest level since January when it stood at 4.88% annually.

Inflation in Mexico accelerated for the second consecutive month in April, slightly above market consensus, according to information released by the National Institute of Statistics and Geography (INEGI).

The National Consumer Price Index (INPC) reported a monthly increase of 0.20% in the fourth month of the year, while on an annual basis, inflation was 4.65%, up from the previous month’s figure of 4.42%.

This marked the second consecutive acceleration of inflation in Mexico, as well as its highest level since January, when it stood at 4.88% annually.

The April figure was also slightly higher than the market projection. According to a Reuters survey, analysts expected inflation to accelerate to 4.63 percent.

Thus, inflation would remain outside the target range of the Bank of Mexico (Banxico) of 3% +/-1 percentage point, and would lead it to maintain its reference rate at 11% at its monetary policy meeting later today.

Within the INEGI report, it was observed that, among its components, the increase in prices in the services category continues to be the greatest pressure on overall inflation and, consequently, on the population’s wallet.

Core inflation, which excludes the most volatile goods and services from its calculation, stood at 4.37% in April, lower than the 4.55% figure in March.

Internally, the price of goods was 3.67% higher on an annual basis, while the price of services increased by 5.21 percent.