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Mexico's inflation rebounds 1st time in 5 months
2018/7/11 14:39:48 Source:Xinhua

MEXICO CITY, July 9 (Xinhua) -- Mexico's inter-annual inflation rebounded to 4.65 percent in June due to pressure on fuel prices, according to data presented Monday by an independent organization.

The figure is greater than the 4.51 percent from the end of May, but is still below the 6.31 percent registered in the same month last year, according to the National Institute of Statistics and Geography (INEGI).

This is the highest level this year and the first rebound after five months of slowing down.

Domestic gas prices grew 5.85 percent in June compared to the previous month, while low octane gasoline grew 1.45 percent during the same period, according to INEGI's monthly report.

"Without a doubt, the actual results point to another rise in inflation due to energy prices going up and a rebound in fruit and vegetable prices whose prices are currently relatively low," the Citibanamex Financial Group said.

In a report to its customers, Citibanamex estimated that the inflation could end at 4.0 percent in the end of the year.

The underlying inflation, a benchmark in the monetary policy decisions by Mexico's central bank (Banxico), was 0.23 percent in June, raising the inter-annual rate to 3.62 percent.

Banxico has set its permanent inflation rate goal at 3.0 percent, with one percentage point above or below this figure.

On June 21, Banxico's governing body unanimously agreed to raise interest rates from 7.50 percent to 7.75 percent due to the deteriorating outlook for local inflation.

Among the primary risks of raising interest rates, according to INEGI, the Mexican peso is likely to face continued pressure in an environment of high interest rates and the strength of the U.S. dollar.

It also mentioned the uncertainty over the renegotiation of the North American Free Trade Agreement and the presidential election.

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