Hermann Esteban González
Hermann Esteban González
Principal Economist

Latest publications

The January CPI 0.5% MoM surprised the market and exceeded expectations, due to a significant increase in the price of food (vegetables). Core inflation of 0.3% MoM was largely due to the readjustment of tariffs and a seasonal increase in some services, since the inflation of goods was at 0.1% MoM. The disinflationary impact of the appreciation of the peso is expected to be seen in the coming months.
The growth of 2.6% YoY in the December IMACEC, around what was expected, is a good figure, especially considering that it was a month with two fewer working days. With this, the preliminary growth of 4Q17 and of the year are 2.9% YoY and 1.6%, respectively, giving a positive surprise to the base scenario of the IPoM of December.
Central Bank sees almost no room for further monetary stimulus. The risks on the downside are accentuated for inflation 2018.