Mexico: 1H Sep Headline Inflation Impacted by Non-Core; Sticky Services

Key Takeaways

• 1.Headline inflation in 1H September printed at 0.33% mom (3.42% yoy), driven higher by non-core components such as fresh produce, animal protein, and energy.
• 2.Core inflation moderated slightly to 3.78% yoy, but services inflation remains persistently high and sticky at 4.33% yoy, driven by elevated labor costs.
• 3.Current inflation levels and persistent service pressures make it uncomfortable for Banxico to pursue additional policy rate cuts, especially amid narrower US-Mexico rate differentials.

Table of Contents

• KEY FIGURES (1H Sep):
• DETAILS:
• Core Inflation Measures Sensitive to Supply and Demand Shocks; Core Inflation Within Upper Target Range
• Slow Core Inflation Downward Trend; Headline Inflation Dynamics Driven Chiefly by Non-Core
• High and Sticky Core Services Inflation; Elevated Food Away from Home Inflation
• Mexico: Inflation Dynamics Since 2010
• INPC Inflation by Main Components

Report data

INPC Inflation by Main Components

Reports in this series

Economics Research is shown in chronological order through this edition, published on September 24, 2026.

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