Mexico ended 2022 with 7.82% annual inflation

January 9, 2023 GMT

MEXICO CITY (AP) — Mexico ended 2022 with 7.82% annual inflation, the highest rate in more than two decades, the National Statistics Institute said Monday.

What Mexican families felt most was the 14.14% annual inflation in food prices, which suffered the highest price increases for any category.

By comparison, inflation in 2021 ran at 7.36%. Mexico’s central bank has responded by raising it central interest rate to 10.5%, also the highest level in many years. The government has also temporarily lifted import duties on certain food categories, to try to tame inflation.

But it is unclear if that is working. Prices increased in December by 0.38% in comparison with November.