LatinNews Daily - 10 November 2023

In brief: Inflation slows in Mexico as interest rates held steady

* Mexico’s national statistics institute (Inegi) has released consumer price index figures for October, showing that monthly inflation was 0.38%. This brings annual inflation to 4.26%, compared to 4.45% in September, when monthly inflation stood at 0.44%. Core inflation, which excludes some highly volatile items, was 0.39% in monthly terms and 5.50% at an annual rate. This comes as Mexico’s central bank (Banxico) has announced it is maintaining its benchmark interest rate at 11.25%, where it has been held since March. Banxico noted that although both annual headline and core inflation continued to decrease in Mexico, both remain elevated. Banxico expects inflation to converge to the target of 3% by mid-2025.

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