Mexico's consumer price inflation exceeded expectations in June, reaching its highest level in a year, according to data released on Tuesday by the National Institute of Statistics and Geography (INEGI).
The consumer price index rose by 4.98 percent year-over-year in June, up from a 4.69 percent increase in May. Analysts had anticipated a rise of 4.84 percent.
This inflation rate is the highest since June of the previous year, when prices saw a 5.06 percent increase. Additionally, the inflation rate remains above the central bank's upper target range of 4.0 percent.
The data indicate that core inflation eased slightly, declining to 4.13 percent in June from 4.21 percent. However, the monthly core inflation rate edged up to 0.22 percent from 0.17 percent.
Food and non-alcoholic beverages saw a price increase of 6.54 percent in June, a faster rise compared to the 6.0 percent gain in the previous month.
Housing and utilities costs rose by 4.52 percent year-over-year, up from a 3.76 percent increase in May.
On a month-to-month basis, consumer prices increased by 0.38 percent in June, reversing a 0.19 percent decline in the prior month. Economists had predicted a 0.24 percent increase.
