In brief
Mexico's annual inflation accelerated to 3.75% in October, according to the National Institute of Statistics and Geography. Core inflation reached 3.80% and both headline and core rates remain inside the Bank of Mexico’s 3 % ± 1 % target. The rise was led by sharp increases in electricity, airfares and certain crops, with further analysis from Banamex and Bloomberg noting risk factors and expectations for the coming year.
Mexico’s annual inflation accelerated to 3.75% in October, according to data released Monday by the National Institute of Statistics and Geography.
The National Consumer Price Index climbed 0.65 percent from September, up from the 0.36 percent gain recorded in October 2025; the year‑on‑year rate rose to 3.75% from 3.57% in 2025.
Core inflation excluding volatile items rose 0.34 percent month‑on‑month and 3.80 percent year‑on‑year, while both headline and core rates remain inside the Bank of Mexico’s 3 % ± 1 % target range.
Key contributors to October’s rise were electricity rates up 18.51 percent, airfares up 26.36 percent, and tomato prices up 9.68 percent.
Both Xinhua and Mexico News Daily reported that this marks the third consecutive month of inflation gains; Mexico News Daily highlighted green tomatoes at 35.58% and pumpkins at 23.22% alongside the other price increases.
Bloomberg noted the October figure exceeded all estimates, citing an annual print hit of 3.75% against a 3.78% core estimate.
In a separate report, private bank Banamex said monthly headline inflation registered its largest October increase since 2021 and forecasted annual headline inflation to reach 3.9% and core inflation 3.7% by the end of 2026.
Banamex flagged upside risks including greater wage‑pass‑through, El Nino‑related weather pressures, rising international fertilizer costs, and currency depreciation effects on non‑food goods.
MarketWatch added a breakdown of core goods and services: core goods prices rose 0.22 percent and services 0.44 percent during October; airfares spiked 26.4% and tourism packages increased 8.72%.
