Mexico’s food inflation rate soared to 6% in November, ranking second highest among OECD nations. This figure dwarfs the organization’s average of 1.2%. Only Turkey surpassed Mexico with a staggering 48.6% food inflation rate.
The National Institute of Statistics and Geography (INEGI) reported Mexico’s lowest overall inflation since March 2024. Non-core components, including agricultural products, drove this trend. Weather factors often cause volatility in these prices.
Cuauhtémoc Rivera, president of the National Alliance of Small Merchants, warned of ongoing economic challenges. He noted that the “January slope” for Mexican families began in late 2024. This term refers to financial difficulties after holiday spending.
Other OECD countries with high food inflation included Japan (5.6%), Estonia (5.4%), and Israel (5%). Poland and Slovakia followed closely at 4.8% and 4.7%, respectively. These rates reflect varying economic pressures across member nations.
OECD’s overall inflation rate held steady at 4.5% in November. This marks a decrease from 5.8% in the same month of 2023. Mexico’s general inflation rate of 4.3% fell below the OECD average.
Three OECD countries exceeded the 4.5% overall inflation rate in November. Poland, Iceland, and Colombia surpassed Mexico’s rate. Turkey again led with a striking 62% general inflation rate.
In addition, energy inflation in OECD countries rebounded to 1.2% annually. This contrasts with negative rates observed since May of the previous year.
Mexico’s energy inflation rate of 5.2% outpaced the OECD average by more than four times. These figures highlight Mexico’s economic challenges amid global inflationary pressures.
The country faces a delicate balance between growth and price stability. Policymakers must address these issues to ensure long-term economic health and citizen well-being.
