MEXICO CITY (Reuters) -Mexico’s annual inflation rate accelerated in May and exceeded the upper-end of the central bank’s target range, official data showed on Monday.
Consumer prices in Mexico rose 4.42% in the year through May, according to national statistics agency INEGI, above the 4.38% expected by economists in a Reuters poll and up from 3.93% the previous month.
Mexico’s central bank, also known as Banxico, has an inflation target of 3%, plus or minus a percentage point.
In May alone, headline consumer prices were up 0.28%, according to INEGI, while the closely watched core index, which strips out some volatile food and energy prices, rose 0.30%. Both came in slightly above market forecasts.
(Reporting by Aida Pelaez-Fernandez and Ricardo Figueroa; Editing by Gabriel Araujo)
