Mexico City, Mexico — According to figures from the Instituto Nacional de Estadística y Geografía (Inegi), inflation in Mexico has reached its highest level in 21 years.
Ingei reports that in April, inflation in Mexico stood at 7.68 percent driven by price increases in agricultural products, low-octane gasoline and processed foods. The National Institute of Statistics and Geography (Inegi) says the National Consumer Price Index stood at 7.68 percent during April, making it the third consecutive month with increases and its highest since January 2001 when it stood at 8.11 percent.
The April figures were slightly below Bloomberg forecasts of 7.73 percent after the month of March reported 7.45.
During the month of April, residents of Mexico paid more for produce such as tomatoes, which were hit the hardest with a 20.23 percent increase followed by gasoline, chicken, avocados and tortillas due to the rise in the price of flour.