MEXICO CITY (Reuters) - Mexican annual consumer price inflation likely accelerated above the central bank’s target range in August, pushed up by increases in the cost of goods and some agricultural produce, a Reuters poll showed on Monday.
The median forecast of 16 analysts surveyed was for inflation to reach 4.02%, up from 3.62% in July. That would take the rate to its highest level since May 2019. MXCPIA=ECI
Mexico’s central bank, which has cut its benchmark lending rate by 375 basis points since August last year to 4.5%, targets consumer price inflation of 3%, with a one percentage point tolerance band above or below that figure.
Compared with the previous month, prices were expected to have increased 0.38% in August, the poll showed. The core price index, which strips out some volatile elements, was predicted to have risen 0.27% on the month. MXINFL=ECIMXCPIX=ECI
The core annual rate of inflation was seen advancing to 3.92%. MXCCPI=ECI
Mexico’s national statistics agency is due to publish the latest inflation data on Wednesday morning.
Reporting by Noe Torres and Gabriel Burin; Editing by Leslie Adler
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