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Sharp Swing In Mexican Inflation
The retail sector in Mexico is still struggling to gain momentum as evidenced by this morning’s Retail Sales Figures. The annual rate is now showing at 1.6% growth in contrast to a prior reading of -0.4%, the market had expected this number to grow to 0.5%. Month on month the change is -0.1%, by comparison the previous monthly change was 1.1% and the market was anticipating a contraction of up to -0.8% with this reading. Mexico’s Central Bank held the base rate steady at 3.0% at last week’s policy meeting, this followed a cut to this record low level in June in an effort to create some economic stimulus. The ... (full story)