Mexican inflation accelerated for the second consecutive month in September, reaching 3.45% annually, while three of the five members of Banxico's board see a possible rate cut if prospects improve.
Consumer inflation in Mexico stood at 3.45% annually in September, 0.19 percentage points above the 3.26% recorded in August, according to data released by the National Institute of Statistics and Geography (Inegi). This marks the second consecutive month of acceleration. The information is reported by eleconomista.com.mx.
The National Consumer Price Index (INPC) recorded a monthly increase of 0.42%, 0.22 points higher than the 0.20% in August. Core inflation, which excludes the most volatile prices, decreased to 3.75% annually from 3.88% the previous month, while non-core inflation surged to 2.45% from 1.13% in August.
Meanwhile, the National Producer Price Index (INPP) grew 4.05% annually in September, compared to 2.99% in August, and 1.37% monthly, according to Inegi. This indicator measures the evolution of prices of a representative basket of national production for domestic consumption and export.
The minutes from the September meeting of the Bank of Mexico (Banxico) revealed that three of the five members of its board see the possibility of evaluating interest rate cuts if inflation prospects improve. The body unanimously maintained the rate at 6.50%, considering that the balance of risks for prices remains skewed upwards.
“Given the recent evolution of inflation, and as long as its determinants continue to support the disinflationary process, future decisions may evaluate a targeted reduction in the reference rate,” stated one board member in the minutes.
Consumer confidence in Mexico fell in September to 45.1 points seasonally adjusted, a drop of 1.2 monthly points, the largest since November 2025, and 1 point annually, according to the report from Inegi and Banxico.
Fixed investment, measured by the gross fixed capital formation of businesses and government, grew 1.4% monthly in July in net terms, extending its recovery, according to data published this week.
In the United States, attention focused on the minutes of the Federal Reserve (Fed) following its 25 basis point rate hike, detailing the arguments of its members regarding inflation, employment, and economic activity. The next key data for the markets will be the October INPC published by Inegi in early November.
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