MEXICO CITY, June 19 (Reuters) – Mexico’s headline inflation in the first half of June likely reached its lowest level in more than two years, but remained above the central bank’s target, a Reuters poll on Monday, bolstering bets that the bank will keep policy rates stable for longer.
The median forecast from 11 analysts puts headline annual inflation at 5.30%, the lowest level since the second half of March 2021, though it would still be significantly above the official target of 3%, plus or minus one percentage point. (MXCPHI=ECI)
In its most recent monetary policy announcement, the Bank of Mexico kept its benchmark rate unchanged at 11.25%, ending a cycle of nearly two-year rate hikes. converge to the goal.
The core index, which excludes volatile food and energy prices, is expected to fall to 7.02% year on year, the lowest level since March 2022. (MXCPIC=ECI)
In the first half of June, consumer prices are expected to have increased by 0.15% compared to the previous two-week period, while the core measure is likely to have increased by 0.22%. (MXCPIF=ECI), (MXCPIH=ECI)
The Mexican bureau of statistics will publish inflation figures for the first half of June on Thursday.
Reporting by Noe Torres; Additional reporting by Gabriel Burin in Buenos Aires; Edited by Sandra Maler