- Banxico board members project growth to be lower than expected, as Mexico’s economic activity has been weak since the end of 2023. Most policymakers mentioned that inflation will converge toward the target in the last quarter 2025.
- They added that services inflation does not show a clear downward trend, which was one of the reasons for keeping rates unchanged at the June meeting.
- Mexico’s Industrial Production (IP) in May came at 0.7% MoM, higher than April’s -0.4% and estimates of 0.4%. In the 12 months to May, IP was 1%, which fell sharply from 5.1% in April and missed the 1.2% projected.
- Mexico’s June inflation figures were higher than expected due to a rise in food prices when most economists expect Banxico to resume lowering interest rates.
- June US Producer Price Index (PPI) expanded by 0.2% MoM, higher than the 0.1% expected and above May’s 0%. Core PPI was hotter than the 0.2% foreseen, at 0.4% MoM.
- Annually based, PPI ticked up from 2.4% to 2.6%, above forecasts of 2.3%. Underlying inflation was 3%, up from 2.6%.
- UoM Consumer Sentiment declined from 68.2 in June to 66.0 in July. Inflation expectations for one year came as expected at 2.9%, down from 3%.
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