Domestically, recent output and demand indicators have evolved in line with forecasts in the last Monetary Policy Report. The labor market is still tight. Job creation increased and wage growth remained stable. Headline and core inflation are below 2% y-o-y, while inflationary expectations in the policy horizon are aligned with the target. In the last month, the peso appreciated slightly with respect to the dollar.
The Board reiterates its commitment to conduct monetary policy with flexibility, so that projected inflation stands at 3% over the policy horizon. Any future changes in the monetary policy rate will depend on the implications of domestic and external macroeconomic conditions on the inflationary outlook.