Inflation in Mexico eases to 4.7% in 2023

Delia Paredes & Genevieve Signoret

(Hay una versión en español de este artículo aquí.)

Overall inflation in Mexico slowed down to 4.7% in 2023 from 7.8% the year before on slower inflation in consumer goods. Service inflation was unchanged.

Disinflation in goods prices drove the 2023 slowdown in Mexico’s overall inflation

Mexico: Inflation in 2023 (percentage points)

Source: Inegi.

Headline inflation in Mexico is now close to Banxico’s target range. Core inflation is still too high.

Mexico: Consumer Price Indices (y/y % change)

Source: Inegi.