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Inegi reports Mexico’s June inflation rate of 7.99 percent highest in 21 years

Mexico City, Mexico — CDMX, Jalisco, Zacatecas, Oaxaca and San Luis Potosí are reported the most affected states by the increase in inflation. In June, Mexico’s inflation rate rose to 7.99 percent. According to the National Institute of Statistics and Geography (Inegi), it’s the country’s highest rate in 21 years.

Most are feeling the pressure on the increased price of food products. Inegi detailed that in June, Mexico experienced an 0.84 percent increase over the month of May.

President Andrés Manuel López Obrador said that while there was an increase in inflation, it was “not excessive” as has been recorded in other countries. During his Friday morning press conference, López Obrador minimized the increased inflation rate for June, which Inegi noted as being the highest in two decades.

“There are other data that show that we are doing well. There was an increase in inflation, but not disproportionately. It has not reached 8 percent, but it was very close. However, in relation to inflation around the world, Mexico is one of the least affected countries and we are taking measures to control inflation, especially in what has to do with food control,” AMLO reported.

Gabriela Siller, Director of Economic Analysis at Banco Base, says the annual rise in the underlying index is the largest since December 2000, and accumulates 19 consecutive months of increase.

“The pressures on inflation within the core component were explained almost entirely by the prices of merchandise,” Siller warned in a statement sent to Efe.

Inegi added that Mexico has had three months in a row with inflation in the 7 percent range.