Mexico records highest inflation in over 20 yrs

International |  IANS  | Published : Sat, Jan 08, 2022, 03:35 PM

Mexico City, Jan 8 (IANS) Mexico's annual inflation rate stood at 7.36 per cent at the end of 2021, the highest level in more than two decades, figures from the National Institute of Statistics and Geography (INEGI) showed.

In December alone, the National Consumer Price Index rose 0.36 per cent over the previous month, due to the increase in prices of some foods and services, Xinhua news agency quoted INEGI as saying in its monthly statement.

The core inflation, a benchmark for the central bank of Mexico Banxico, was 0.8 per cent in December and 5.94 per cent in 2021.

In a separate report, the Banorte financial group highlighted that both the headline and core inflation reached their highest levels for a full calendar year in 2021 since 2000 in Mexico.

Global inflation has accelerated as a result of bottlenecks in production, the reconstitution of merchandise spending, high food and energy prices, and the recovery of some services, while the spread of Covid-19 continues.

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