Mexico annual inflation tumbles to lowest level since 2015
- Mexican consumer prices grew 2.15% in the year through April, down from 3.25% a month earlier, the national statistics agency said on Thursday, falling to their lowest rate since 2015 and giving the central bank more space to ease economic pressures.
- The inflation rate was lowered by a decline in the prices of energy and agricultural products, as well as a decrease in government subsidies.
- Mexico’s economy has been hammered by the coronavirus outbreak and sharp falls in global oil prices, with some analysts expecting gross national product to contract by as much as 10% this year. The peso currency has lost about 29% against the dollar in the last three months.
- The decline in prices has pushed inflation well below the central bank’s 3% target rate and to its lowest level since December 2015, when prices increased 2.13%.