Mexico Inflation Rate Higher than Expected

2026-11-09 12:14 By Luisa Carvalho 1 min. read

Mexico’s annual inflation rate rose for the third month to 3.75% in October 2026, the highest level since May, up from September's 3.45%.

The reading overshot market expectations of 3.65% and moved further above Banxico’s 3% target.

Price increases were broad-based, with food and non-alcoholic beverages (3.55% vs 2.55% in September), of which fruit and vegetables (13.19% vs 8.78%) and housing & utilities (3.60% vs 3.33%) among the key contributors.

Additional upward pressure also came from alcoholic beverages & tobacco (7% vs 7.31%); insurance & financial services (7.55% vs 5.88%) and restaurants & hotels (6.20% vs 6.19%).

The core inflation edged up to 3.80% from 3.75% in September, broadly in line with forecasts of 3.78%.

Monthly, the CPI rose by 0.65%, up from 0.42% in September and above market expectations of 0.55%.

Fruit and vegetable prices grew by 2.35%, while energy prices and government-regulated tariffs rose by 2.13%, partly due to the end of summer electricity subsidies.



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Mexico Inflation Rate Higher than Expected
Mexico’s annual inflation rate rose for the third month to 3.75% in October 2026, the highest level since May, up from September's 3.45%. The reading overshot market expectations of 3.65% and moved further above Banxico’s 3% target. Price increases were broad-based, with food and non-alcoholic beverages (3.55% vs 2.55% in September), of which fruit and vegetables (13.19% vs 8.78%) and housing & utilities (3.60% vs 3.33%) among the key contributors. Additional upward pressure also came from alcoholic beverages & tobacco (7% vs 7.31%); insurance & financial services (7.55% vs 5.88%) and restaurants & hotels (6.20% vs 6.19%). The core inflation edged up to 3.80% from 3.75% in September, broadly in line with forecasts of 3.78%. Monthly, the CPI rose by 0.65%, up from 0.42% in September and above market expectations of 0.55%. Fruit and vegetable prices grew by 2.35%, while energy prices and government-regulated tariffs rose by 2.13%, partly due to the end of summer electricity subsidies.
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Mexico Inflation Rate Picks Up as Expected
Mexico’s annual inflation rate rose to 3.45% in September 2026, the highest level since May, up from 3.26% in August. The reading was broadly in line with market expectations but moved further above Banxico’s 3% target. Energy inflation accelerated sharply to 1.48% from 0.81%, while price growth also increased for transportation (3.51% vs. 3.43%) and housing and utilities (3.33% vs. 3.06%). Food inflation rose to 2.55% from 1.49%, its highest level since May, adding further upward pressure. In contrast, inflation for restaurants and hotels slowed to 6.19% from 6.27%. Core inflation also eased further to 3.75% from 3.88%. From the previous month, consumer prices rose 0.42%, accelerating from a 0.20% increase in August.
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