During the first half of April, the ingredients to prepare the traditional pico de gallo became more expensive, with onions registering an increase of almost 100 percent compared to the first half of the fourth month of 2023.
According to data from the National Institute of Statistics and Geography (Inegi), onion was the most expensive, since its cost grew 99.45 percent annually in the first 15 days of April; while the costs of tomato and serrano pepper rose 35.9 and 25.4 percent annually.
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In supply centers, a kilo of onion ranges from 7.50 to 14 pesos, but in wheeled markets or collection centers the final consumer pays a price of up to 25 or 30 pesos. Regarding the serrano chili, the kilo costs around 65 pesos on average, while the tomato sells for up to 27 pesos per kilogram, according to data from the National Information and Market Integration System of the Ministry of Economy.
Analysts indicated that the prices of these products could continue to rise as the streak of droughts in the country continues or the recent geopolitical conflicts worsen.
All these price increases affected the National Consumer Price Index (INPC), which during the first half of April reached a level of 4.63 percent, the highest level for inflation since the second half of January, when the indicator was 4.87 percent.
Alejandro Saldaña, chief economist of Ve por Más, said that although inflation is expected to decline in the coming months, the outlook for this indicator is still uncertain and upward risks predominate.
“General inflation in this reading accelerated more than expected and the increases in raw material prices in recent weeks complicate the outlook for the variable in the short term,” said the analyst.
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In its report, Inegi added that the price increase was more visible in entities such as Michoacán, Tlaxcala, Puebla, Durango and the State of Mexico. By the end of the year, the consensus of experts consulted by Citibanamex predicts that the INPC will decrease to 4.10 percent. Banxico anticipates that inflation will return to the specific goal of three percent until the second quarter of next year.
“We confirm that, in the next monetary policy meeting, Banxico will maintain the reference rate at 11 percent, pending further evidence that the inflation trajectory is consolidating downwards,” said Grupo Monex analysts.
2024-04-25 11:00:00
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