Mexico City, Mexico — The National Institute of Statistics and Geography (Inegi) has reported an inflation rate of 8.16 percent for Mexico for the first weeks of July. The federal agency reported eggs, potatoes, tacos, cakes, onions, oranges and soft drinks were some of the most commonly purchased items on the rise.
Electricity, tourist packages and air transportation rates have also increased, they pointed out. On the decrease, consumers will notice a fall in the price of chicken, avocado, grapes, poblano peppers and zucchini, as well as tennis shoes and some women’s clothing.
The states and cities with the greatest upward price trend in products and services were Michoacán, Guanajuato, Chiapas, Sinaloa and Coahuila. In contrast, consumers had lower variations in the first half of July 2022 in Veracruz, Guerrero, Morelos, Mexico City and Querétaro.
On Friday, President Andrés Manuel López Obrador said that the period of increased inflation is going to be prolonged, at least until October or November of this year. His comment came after Inegi reported this being the highest level since January 2001, when it stood at 8.37 percent.
López Obrador said that his administration is working to contain price increases and that, although it is not a consolation, inflation in Mexico is lower than that of United States and Europe largely due to fuel subsidies.
“Hopefully I am wrong, but the period of inflation is going to be prolonged. We are going to control it, but we need to act,” he said during his Friday press conference from Puerto Vallarta.
“With optimism, without falling into triumphalism, to say that we are going to do well, we are going to control inflation soon,” he added.
AMLO recalled the two fundamental actions that his government has implemented to contain inflation. Prevent the price of gasoline from increasing and promote productive activity.
He also charged the current inflationary crisis in much of the world to the war between Russia and Ukraine.
“We would very much like a peace agreement to be reached between Russia and Ukraine because that has affected everything. Politics was invented to avoid war and all wars are bad,” he said. “I think that for October or November it will start to go down, that is my forecast,” he said.