The National Institute of Statistics and Geography (INEGI) has reported that Mérida is among the top five cities in Mexico experiencing the highest inflation in basic products. As of the first week of November, the cost of essential items in Mérida has increased by up to 26% in 2024, significantly impacting local consumers.
Key Price Increases
The products with the most significant price hikes include:
– Electricity
– Fruits and vegetables
– General food items
– Home rents
– Services such as restaurants, transportation, and tourism
The end of the summer electricity rate subsidy in 11 cities, including Mérida, has also contributed to a 2.41% increase in energy and regulated rates on a biweekly basis.
Inflation Trends
High inflation continues to affect basic products and services, with November’s annual rate reaching 7.64%, according to INEGI. This surge threatens to close the year with a salary depreciation of up to 19%, putting additional pressure on workers’ incomes, especially those with lower wages.
National Consumer Price Index (INPC)
The INPC for the first half of November shows that the underlying price index, which excludes the most volatile products, rose by 0.04% biweekly and 3.58% annually. The non-core index, which includes agricultural products, energy, and government tariffs, increased by 1.44% biweekly and 7.64% annually, surpassing government forecasts of 3.4%.
Impact on Households
The INPC details that agricultural product prices rose by 0.25% biweekly, while gasoline, fuel, and car parts also saw moderate increases, further complicating the financial outlook for households.
Yucatán’s Expensive Basic Basket
Yucatán is among the states with the most expensive basic basket in Mexico, with costs exceeding 1,900 pesos. Although the minimum wage increased by 12% this year, the loss of purchasing power threatens to surpass that percentage, limiting consumption capacity, particularly for food and essential goods.
Experts emphasize the urgency of implementing measures to curb inflation and protect the most vulnerable sectors of the population, as the constant rise in basic input prices combined with salary depreciation projects a challenging year-end for Mexican families.
Source: Por Esto
