Overview

• INEGI reported a 0.18% half‑month rise in the INPC to 141.181, lifting annual headline inflation to 3.74% and marking a third straight quincenal increase.
• The core index rose 0.22% in the period to 4.26% year over year, while the non‑core came in at 2.01% after a 0.03% quincenal gain.
• Seasonal back‑to‑school charges drove the uptick, with tuition increases in preescolar (+5.89%), primaria (+5.75%), secundaria (+5.48%) and universidad (+1.63%).
• Price drops in professional services (−15.31%), several fresh foods, air transport (−3.37%) and LP gas (−0.52%) helped offset upward pressures.
• The basic‑consumption basket (IPCCM) rose 0.24% for the half‑month and 3.71% year over year, with headline inflation still within Banxico’s 3% ±1 pp target band as markets lean toward a possible 25 bp cut.