MNI BRIEF: Mexico September Inflation Up To 3.76%, Core 4.28%

Mexico's INPC annual inflation was 3.76% in September, the Mexican National Institute of Statistics and Geography said Thursday, versus the 3.78% consensus forecast and up from 3.57% in August.

Core inflation was 4.28%, up from 4.23%. Headline inflation remains within the central bank's 3% target range, which allows for a 1 percentage point variation in each direction.

"At a monthly rate, the non-core price index decreased 0.10%. Within this category, prices of agricultural products fell 0.14%, while those of energy and government-authorized tariffs declined 0.06%," INEGI said.

Recent progress in bringing inflation closer to the 3% target was the main reason behind the Central Bank of Mexico’s decision to cut rates aggressively year-to-date. (See MNI INTERVIEW: Banxico To Keep To 25BP, Caution Needed -Guzman)