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Inflation through the roof: reached 7.05% in the first half of November


(Photo: Courtesy Cofece)

During the first fortnight of November, the annual inflation reached the 7.05%, su highest level in more than two decades, this was announced this Wednesday by the National Institute of Statistics and Geography (Inegi).

The Institute published that the National Consumer Price Index (INPC) advanced 7.05%, compared to 6.36% in the second half of October, which is the highest record since April 2001.

He detailed that the underlying price index (which is obtained by eliminating goods and services whose prices are more volatile from the INPC calculation), had an increase of 0.15% biweekly and 5.53% annually. For its part, the non-core price index rose 2.29% fortnightly and 11.68% annually.

Inflation through the roof: reached 7.05% in the first half of November

According to Inegi, the rise is mainly due to the increase in electricity rates and the prices of some agricultural goods, mainly.

Inside of the non-core price index, the prices of agricultural products rose 2.17 percent biweekly and those of the energy and tariffs authorized by the government They did so by 24.16%, to a greater extent as a result of the conclusion of the subsidy to the summer electricity tariff program that was applied in 11 cities in the country, he highlighted.

While other products and services that increased in price and with this they included the increase in inflation were: green tomato (fortnightly increase of 42.06%); fresh chili peppers (19.77%); air transport (7.08%); tomato (3.92%); chicken (2.76%); services in lunch boxes, inns, torterías and taquerías, (0.39%); beef (0.77%); automobiles (0.79%); as well as other vegetables and legumes (4.83%).

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Inflation through the roof: reached 7.05% in the first half of November
Many products, such as chicken, raised their prices PHOTO: VICTORIA VALTIERRA / CUARTOSCURO / ARCHIVO

In contrast, products and services that fell in price were: the domestic gas LP with a fortnightly reduction of 1.86%; low octane gasoline (0.46%); men’s shoes (2.28%); pork (0.78%); bags, suitcases and belts (2.72%); televisions (1.39%); pants for women (1.62%); tires (1.21%) terminal communication equipment (1.23%) and internet, telephone and pay television packages (0.48%).

Inegi pointed out that the underlying price index, which does not include generics whose prices are more volatile, had an increase of 0.15% every two weeks and 5.53% annually; for its part, the non-core price index rose 2.29% fortnightly and 11.68% annually.

Within the underlying price index, at a fortnightly rate, the prices of merchandise increased 0.07% and those of services 0.25%.

Inflation through the roof: reached 7.05% in the first half of November
PHOTO: ANDREA MURCIA / CUARTOSCURO / ARCHIVE

This Wednesday, the president Andrés Manuel López Obrador categorically rejected that the inflation increase of 7.05% during the first fortnight of November that Inegi announced this Wednesday be the highest in 20 years.

When questioned by a reporter in his morning conference at the National Palace, López Obrador asserted that it is “a global phenomenon.”

It is a global phenomenon, there is a crisisNow, because of the pandemic, which is manifesting itself in all countries, we have an inflation equal to that of the United States. In general, Mexico’s inflation is higher than that of the United States, in this case it is the same, they bring inflation of more than 6%, Brazil brings an inflation of 11% ”, he assured.

Assured that your government is stabilizing prices and for that, he said, the approval of the electrical reform.

Inflation through the roof: reached 7.05% in the first half of November
PHOTO: ANDREA MURCIA / CUARTOSCURO / ARCHIVE

“It is a phenomenon that is affecting, I hope this is resolved soon. It has to do with him increase in the price of raw materials, food, the price of steel, has had a great impact on the increase in shipping costs, have risen. Fortunately, we are managing to stabilize prices, that’s why we need is that we need the electrical reform so that prices do not increase“, said.

He even said that inflation does not affect workers’ wages.

“That is used to deceive the people. Corrupt and inefficient technocrats spoke for more than 30 years that they could not increase wages because inflation was increasing and that is false, that led us to make the minimum wage in Mexico one of the lowest in the world, sometimes the wage minimum increased below inflation, “he said.

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