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Mexico Bi-Weekly CPI (Mar 2023.)

Mexico’s headline inflation rate dropped back by more than expected, to 7.1% y/y, in the first half of March but the further rise in services inflation will continue to concern policymakers at Banxico. We expect a 25bp hike at next week’s Board followed by a similar-sized increase in May, with loosening unlikely to come on the cards until the end of this year.

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