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Mexico Bi-Weekly CPI (Apr. 2024)

The rise in Mexico’s headline inflation rate to 4.6% y/y in the first half of April, coming alongside the delay to rate cuts in the US (and fall in the peso), mean that Banxico is all but certain to leave its policy rate unchanged at 11.0% at its May meeting. If anything, the latest developments call into question whether it will cut at the Bank’s subsequent meeting in June.

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