In the first half of March, plane tickets were the products that became most expensive, registering an annual increase of 55 percent, the largest increase for the same period since 1996, according to data from the National Institute of Statistics and Geography (Inegi).
In the fortnight prior to the Easter holidays, package tourist services and reservations through travel agencies increased by 16.29 percent, at an annual rate, each.
You may be interested in: Inflation rebounds to 4.48% in the first half of March
This and other increases led general inflation to a rebound of 4.48 percent in that same period, the highest since the second half of January.
Luis Adrián Muñiz, deputy director of the Economic Analysis area at Vector Casa de Bolsa, pointed out: “The prices of services continue to be under pressure, in part due to a seasonal effect related to the Easter holiday period.
The figures for the first half of March are bad as they are above what the market expected and show an acceleration.”
According to Inegi data, general inflation in the country broke a streak of two consecutive fortnights of decline when it was pressured, mainly, by an increase in tourist services, such as plane tickets, lodging, restaurants, among others.
Financial specialists from Citibanamex and Vector Casa de Bolsa mention that the cost of these services and products increased as a result of the Easter holiday period.
The general inflation data reported by the organization was above the estimate of analysts consulted by Citibanamex, who expected a level of 4.44 percent.
On Thursday, the Bank of Mexico (Banxico) cut the interest rate from 11.25 to 11 percent, the first drop since March of last year, because it considered that inflation in the country continues to decline, despite the volatility that persists. In the economy.
The central institute’s forecasts suggest that inflation will return to its target range, which ranges from two to four percent, at least until the second quarter of 2025.
In addition to services and products related to tourism, Inegi announced that the price of food, beverages and tobacco continues to increase, since during the first half of March they became 5.08 percent more expensive compared to the same period in 2023.
For experts, these items still suffer from the rise in the price of raw materials and grains as a result of the war between Russia and Ukraine that has been unleashed since February 2022, as well as the drought suffered by the northern, central and southern states of Mexico. .
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In that sense, among the entities with the highest inflation in our country, Campeche, Baja California Sur, Guanajuato, Tabasco and Sinaloa stand out, according to the Inegi headed by Graciela Márquez Colín.
“We estimate that year-on-year inflation will exhibit a certain deceleration throughout this year. However, we recognize that the outlook is still uncertain and upward risks predominate,” commented Alejandro Saldaña, chief economist at Grupo Financiero Ve por Más.
2024-03-23 09:00:00
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