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Inflation increased 0.32% MoM in May. This was due to the rise in the prices of some foods and restaurants, moderated by the fall in electricity tariffs and fuel prices and the normalisation of transportation costs.
June 1, 2023
Despite the increase in remittances in dollars, households in Mexico received 9.7% fewer resources in real terms in April, explained by: 1) the appreciation of the peso against the US dollar of 9.8% between April 2022 and April 2023, and 2) an inflation of 6.3% in the same period.
Divisions among Fed members before the blackout period are evident: the hawks think the Fed needs to go further, others seem to support a pause to wait until the economic picture becomes clearer, and some others seem to think that the Fed has d…
An important part of the "incomes pact" was completed several days ago with the fifth Agreement for Employment and Collective Bargaining. Although it consolidates the loss of workers' purchasing power, it ensures that labor costs will not put a…
With this decision, Banxico ended the fastest ever rate-hiking cycle, acknowledged that a "disinflationary phase is underway" but stated that it will keep the policy rate “at its current level for an extended period”
The next move is not around the corner but will be a cut. Banxico might start to cut rates in 4Q. We think it should .
The end of the pandemic also marked the end of more than a decade of near-zero interest rates, fueled by ample liquidity from central banks.
There was some suspense ahead of last Thursday’s meeting of the European Central Bank (ECB) as to the size of the rate hike (between 25 and 50 basis points), with the ECB ultimately choosing the lesser of two evils.
In April, monthly inflation was 0.78% and annual inflation was 12.82%, below the expectations of market analysts (who, according to the Banco de la República survey, expected a variation of 0.87%).
The overall tone of the statement remained hawkish amid first-quarter developments in the real economy, but for the first time since the beginning of the tightening cycle the Fed no longer explicitly “anticipates” the need for more hikes ahead.
The global economy offers households no respite. After the turbulent years of COVID-19 in 2020 and 2021, 2022 kicked off with the outbreak of the war in Ukraine, increasing the high geopolitical uncertainty and an unprecedented level of inflation in the last 40 years.
The public deficit appears to be inconsistent with the cyclical position of the Spanish economy. It is contributing to inflation remaining high, in an environment where the unemployment rate is at a 15-year low.
