:quality(85)//cloudfront-us-east-1.images.arcpublishing.com/infobae/6G7K6EYKZJAMBLE3I4FEQI2D2I.jpg "Tortilla, meat and eggs have increased by almost 100% since 2018; inflation could fall until 2024")
He Bank of Mexico (Banxico) pointed out that in January 2023, headline inflation had increased to stand at 7.91% and pointed out that to the surprise of the market, food and service prices will see a slower decline than expected.
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According to Inegi, the figures reflect the behavior of the Mexican economy, which has also grown by 3% per year
In recent months, President Andres Manuel Lopez Obrador highlighted the power of exchange of Mexican peso against the dollar sign of the well-being of the national economy, however, this has not been able to stop the increase in food prices, since according to official Inegi data, it is only the last year they increased by about 14%.
The cost of basic basket has suffered a constant increase in recent years, which is why the federal government has promoted a plan to contain the price of 24 basic products, however, the reality has exceeded these measures and in recent weeks the kilogram of eggs has soared, as one of the examples .
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Although the macroeconomic value of the exchange parity It looks good, in the family economy the prices of products are constantly rising. In this sense, the analyst Carlos López Jones made a comparison of the cost, in pesos and dollars, of the basic basket of the year 2018 and in 2023.
During the year 2018, the basic basket cost an average of 245 pesos, with the dollar at 19.55 pesos, so this cost was around 12 dollars. In 2023, even though the dollar is quoted at 18.75 pesos, the same basic basket costs Mexican families about 475 pesos, that is, it has a value of 25 dollars.
For example, between 2018 and 2023, the price per kilogram of eggs fell from 24 pesos per kilogram to 54; a liter of cooking oil, from 32 pesos to 65; the kilo of rice, from 22 pesos to 45 kilos; sugar, from 14 pesos to 28; the bean, from 21 kilo pesos to 38.
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Other examples that have caused a great impact among the population due to soaring prices are that of meat, which has gone from an average of 90-120 pesos per kilo to 160-220 pesos, while the tortilla increased from 12 pesos per kilo. to 24 in some parts of the country.
In recent years, some products have increased their prices by up to 100%, and although the war between Russia and Ukraine has accentuated the problem of inflation, the upward trend has not been reversed. In recent years, the minimum wage has also recorded increases, but this has not been enough to maintain consumer purchasing power.
For 2023 and 2024, inflation expectations have risen again, while longer-term ones have fallen slightly, although they remain above target, Banxico explained after the February 9 decision to raise the interest rate to 11% as a measure to curb price escalation. in the country.
On February 10, President Andrés Manuel López Obrador said inflation levels were not alarming.
“I think that’s the last increase which by the way was not much higher than expected, it hasn’t even reached a point, it’s at 7.7%. So we think it will go down more, we are not going to stop facing the inflationary problem, it worries us and it keeps us busy but we should not be alarmed”, López Obrador cut short contrary to Banxico’s analysis.
Given a slower-than-expected disinflation process, headline and core inflation forecasts were adjusted upwards across the horizon, the central bank said, anticipating inflation converging towards the 3% target until the fourth quarter of 2024.