México: INPC quincenal (1ra quincena de agosto 2026)

What it means

Mexico's INPC (consumer price index) is published twice a month. In the first half of August, prices rose 0.10% versus the prior two-week period, pushing annual inflation from 3.12% to 3.26%. Much of that annual jump reflects a base effect — prices a year ago rose more slowly — rather than a sudden pickup in demand. Core inflation (excluding fresh food and energy, the measure Banxico watches most closely) stood at 3.93% year-on-year.

What it moves

The peso and Mexican government bonds are reacting only mildly: the annual increase was already expected by analysts, and the actual biweekly rise (0.10%) came in even softer than the 0.12% consensus from the Citibanamex survey. That keeps alive expectations that Banxico still has room to keep cutting its policy rate gradually in coming months — this single reading isn't enough to change that path on its own.

Affected markets

• Peso mexicano (MXN) → — El repunte anual ya estaba anticipado por efecto de base; el dato quincenal por debajo del consenso limita presión sobre el peso
• Bonos gubernamentales mexicanos (Cetes/Bonos M) ↑ — Un dato de inflación algo más suave de lo esperado refuerza expectativas de que Banxico mantenga espacio para recortes graduales de tasa
• Bolsa Mexicana de Valores (BMV) → — Impacto acotado; el mercado ya descontaba una aceleración anual por comparación con una base baja de 2025