This Monday, financial operators in Mexico had to process the inflation report, which stood at 3.74 percent in the first half of February. The Mexican currency suffered a depreciation of 0.07 percent or 1.41 cents compared to its previous close, with the exchange rate positioned at 20.42 pesos per dollar, according to figures from the Bank of Mexico (Banxico).
Meanwhile, the President of the United States, Donald Trump, confirmed that the tariffs scheduled for Canada and Mexico will come into effect in March as planned, which pushed the exchange rate slightly up to 20.45 units during the day. Gabriela Siller, director of economic analysis at Banco Base, indicated that the depreciation is due to the tariff risks posed by Trump and the expectation of further cuts in the interest rate by the Bank of Mexico.
The dollar is quoted at 20.91 pesos per greenback at bank counters, according to data from Citibanamex. In the meantime, the dollar index (DXY) that measures the dollar's strength against a basket of six currencies from developed countries recorded a slight decline. In financial markets, the yield on the 10-year U.S. bond is 4.43 percent, while in Mexico it remains at 9.77 percent.
The National Institute of Statistics and Geography (Inegi) reported that the general inflation rate in Mexico increased to 3.74 percent annually in the first half of February, thereby breaking a streak of three consecutive months of declines. This figure, in line with market expectations, is higher than that recorded in January (3.59 percent), although it is still below the 2024 close (4.21 percent).
The core price index, which excludes highly volatile items, showed an increase both biweekly (0.27 percent) and annually (3.63 percent). As for non-core prices, agricultural products suffered a decrease of 0.81 percent compared to the previous period, but increased by 3.31 percent compared to the same period last year. The price index of the minimum consumption basket, composed of 170 products and services, rose by 0.19 percent biweekly and 3.51 percent annually.
