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Mexico & Brazil Consumer Prices (Jan. 2024)

The jump in Mexico’s headline inflation rate to 4.9% in January means Banxico won’t feel comfortable enough yet to start an easing cycle at the Board meeting later today. Elsewhere, the further fall in Brazilian inflation, to 4.5% y/y, last month keeps the door wide open for another 50bp rate cut at the next central bank meeting in March.

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