Overview

• INEGI reported headline CPI at 3.57% year over year on a 0.06% monthly gain, edging up from 3.51% in July and remaining within Banxico’s 3% ±1 pp target band.
• Core inflation held at 4.23% year over year, while non-core ran at 1.38% after a monthly decline, with housing, eateries and a spike in chile serrano prices offset by falls in chicken and tomatoes.
• Analysts say the data support another 25 bp rate cut at Banxico’s late-September decision, following August’s trim to a 7.75% policy rate.
• OECD inflation was broadly stable at 4.1% in July, with Türkiye the only member in double digits and Costa Rica in deflation at -0.6% year over year.
• Argentina’s statistics agency INDEC is set to publish August CPI on Sept. 10, with private forecasts pointing to a monthly reading around 1.8% to 2.1%.