The small rise in Mexico’s headline inflation rate to 7.2% y/y over the first half of February was driven by a jump in core inflation to 6.5% y/y, suggesting the central bank is struggling in its battle to contain price pressures. The recent surge in global commodity prices as a result of the Russia-Ukraine crisis will keep inflation high in the coming months, meaning Banxico’s tightening cycle has much further to run.
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