MEXICO CITY, Nov. 9 (Xinhua) -- Mexico's annual inflation accelerated to 3.75 percent in October, driven largely by electricity rates, airfares and some agricultural products, data released Monday by the National Institute of Statistics and Geography showed.
The National Consumer Price Index rose 0.65 percent in October from the previous month, the statistics agency said in its monthly report, noting that both monthly and annual inflation were higher than the respective rates of 0.36 percent and 3.57 percent recorded in October 2025.
Excluding highly volatile goods and services, core inflation rose 0.34 percent month on month and 3.80 percent year on year, it said.
Despite the recent rise, both headline and core annual inflation rates remained within the Bank of Mexico's target range of 3 percent, plus or minus a percentage point.
Items making notable contributions to October's inflation included airfares, which rose 26.36 percent, electricity rates, up 18.51 percent, and tomato prices, up 9.68 percent.
In a separate report, private bank Banamex said that monthly headline inflation recorded its largest October increase since 2021.
"We expect annual headline inflation to reach 3.9 percent and core inflation 3.7 percent by the end of 2026, while maintaining our 2027 forecasts for both measures at 3.9 percent," Banamex said.
The bank highlighted several upside risks to inflation, including a greater pass-through of minimum wage increases to other wages, as well as stronger inflationary pressures from weather conditions, particularly El Nino, which could intensify in the coming months.
Other risks include higher-than-expected fruit and vegetable prices amid rising international fertilizer costs, as well as a greater-than-expected pass-through of the recent currency depreciation to non-food goods. ■
