Mexico Inflation Rate Moderates at Year-End

Mexico’s annual inflation rate rose to 3.79% in January 2026 from 3.69% in the previous month, below market expectations of 3.82%. Price pressures were strongest in other services (7.68%), a category that includes street food outlets, restaurants and similar venues, mobile phone services, car maintenance, medical consultations and packaged tourism services. Inflation was also elevated in healthcare and personal care (5.37%) and food, beverages and tobacco (4.43%). Prices for clothing, footwear and accessories increased 2.82%, while housing costs rose 2.91%. The smallest increases were recorded in furniture and household appliances (1.38%) and transport (1.58%). On a monthly basis, consumer prices rose 0.38%.

Mexico’s annual inflation rate eased to 3.69% in December 2025 from 3.80% in November, coming in below market expectations of 3.80%. Price pressures were strongest in restaurants and lodging (7.35%), education services (5.81%), personal care, social security and miscellaneous goods (5.79%), and healthcare (5.02%). More moderate inflation was recorded in information and communication (0.05%), insurance and financial services (0.93%), and transport (1.78%). No category posted deflation in December. On a monthly basis, consumer prices rose 0.28%, slowing sharply from a 0.66% increase in November. Core inflation also cooled slightly, easing to 4.33% from 4.43% in the prior month.

Mexico’s annual inflation accelerated to 3.80% in November 2025 from 3.57% in October, the highest since June and above expectations of 3.69%. Price pressures increased for food and non-alcoholic beverages (3% vs 2.64%), clothing and footwear (2.76% vs 2.30%), furniture, appliances and maintenance (3.59% vs 2.86%), transport (1.98% vs 1.35%), recreation and culture (4.48% vs 4.21%), and restaurants and hotels (7.62% vs 7.48%). Mild deflation persisted in insurance and financial services, though less sharply (-0.04% vs -0.84%). Inflation eased for alcoholic beverages and tobacco (3.44% vs 4.62%) and for housing and utilities (3.43% vs 3.68%). Month-on-month, consumer prices rose 0.66%, up from 0.36% in October. Core inflation quickened to 4.43%, the highest since March 2024.