Mexico City: Mexico's annual inflation rate surged beyond expectations in May, surpassing the upper limit of the central bank's target range, as indicated by official data released on Monday. This development highlights the ongoing challenges in controlling consumer prices in the country.
According to Emirates News Agency, consumer prices in Mexico climbed by 4.42 percent over the year through May, marking an increase from the 3.93 percent observed in the previous month. The core inflation rate, which excludes volatile items such as food and fuel, also saw an uptick, reaching 4.06 percent from 3.93 percent in the prior month. The central bank aims to keep inflation at 3 percent, with an allowable deviation of one percentage point.
In terms of monthly figures, inflation stood at 0.28 percent in May. A notable rise was observed in agriculture and livestock costs, which surged by 3.21 percent during this period, while the prices of fruits and vegetables increased by 2.8 percent, as reported by the national statistics agency INEGI.