Mexico - Consumer Price Index (CPI)

For Mexico, a consumer price index with COICOP detail. Local name: índice nacional de precios al consumidor (INPC). Monthly from 1957.

Active:

• Classification: CCIF 2018, the local adaptation of UN COICOP 2018
• Measurement: Fixed-base index relative to second half of July 2018 (Index 2nd half Jul2018=100)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency: Monthly
• Start dates: 1969m1, 1982m1, 2002m8, 2018m8

Predecessors:

• 2nd half of Dec 2010 - 1969m1 to 2018m7 ("_10")

Global concept aliases:

• CPI.IMEX

Although in some cases the prices included in the non-core price index are determined by the domestic market, in most cases they are fixed according to their international references (e.g. the prices of certain livestock products), to government-administrative decisions (e.g. taxes on vehicle property, and gasoline, among others) or to weather conditions (agricultural products). The aforementioned usually means that the non-core price index is subject to higher variability and any increase in its prices is more difficult to predict as compared to the core index. The development of these prices usually reflects the incidence of shocks which not necessarily are an indicator of the medium-term inflation trend or of the monetary policy stance.

The prices of certain items included in the Consumer Price Index (CPI) are volatile and could complicate the identification of the general trend of inflation in Mexico. For this reason, the Consumer Price Index is broken down into a core and non-core component. Those price indexes that do not allow the inflation trend to be read appropriately because of their features are included in the non-core index. The rest of the prices are included in the core index. Under this context, the core index turns out to be a more reliable indicator of the inflation trend and of the pressures inflation can be subject to in the medium term.

CCIF is the Spanish acronym for COICOP, the Classification of Individual Consumption by Purpose.

Moody's Analytics supplements.

For the general index, we back-extend (1957m1 to 1968m12) and construct a seasonally adjusted counterpart.

Yes. Data is subjected to revisions caused by volatility of prices included in the CPI calculation.

The base period and weighting are periodically update.

INEGI has authority to produce the monthly CPI, but Banco de Mexico carries a twice-monthly version to drive the UDI.

Further reading

At the source:

• CCIF/COICOP 208 (pdf)

At IMF (SDDS):

• Price index: Consumer prices (Jan 2024)

• Sep 2005 - Initial version.
• Feb 2008 - Core CPI redefined.
• Dec 2011 - Addendum of SA supplement.
• Sep 2018 - Rebased to 2018.
• 14 Oct 2024, Phillip Thorne - Properties, Moody's Analytics supplements, Further reading.