Mexico’s annual inflation rate slowed to 3.51% in July 2025 from 4.32% in June, broadly in line with market expectations of 3.53%. This marks the lowest year-on-year inflation rate since 2020. Price increases eased for agricultural products (0.17% vs 5.04%), energy (0.78% vs 3.56%), and services (4.44% vs 4.62%). Meanwhile, inflation accelerated for goods (4.02% vs 3.91%) and for food, beverages, and tobacco (5.13% vs 4.89%). Core inflation edged down slightly to 4.23% from 4.24% in June. On a monthly basis, consumer prices rose 0.27%, just below the 0.28% increase recorded in the