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Mexican Inflation Moves Higher in January

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By Anthony Harrup

MEXICO CITY–Mexico’s inflation picked up modestly at the start of the year, led by higher prices at restaurants and increases in government services.

The consumer price index rose 0.68% in January, moving the 12-month inflation rate up to 7.91% from 7.82% at the end of December, the National Statistics Institute said Thursday.

Core CPI, which excludes agricultural products and energy but includes processed foods, rose 0.71% for an annual rate of 8.45%, up from 8.35% in December.

January’s inflation was mostly driven by higher prices at restaurants and diners, increases in cigarettes and soft drinks, and annual increases in government services.

Inflation was partially offset by lower costs of airfares and tourism packages after the holiday season, and a drop in prices of gas used in homes for heating water and cooking.

The Bank of Mexico is expected to raise the overnight interest rate target by a quarter of a percentage point to 10.75% at its monetary-policy meeting Thursday in a 14th consecutive increase as inflation remains well above its 3% target.

Economists polled last month by the central bank expect inflation to ease to 5.18% by the end of this year.

Write to Anthony Harrup at


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