Mexico consumer confidence rebounds in Feb from record low

3/6/2017 Reuters

woman with shopping bags and credit cardMEXICO CITY – Mexico’s consumer confidence index in February rebounded from a record low after the county’s peso recovered some ground and the government trimmed gasoline prices. When adjusted for seasonal factors, Mexican consumer confidence was 78.8 in February, the national statistics agency said on Monday, up 11 percent from January.

The peso sunk to a record low in mid-January on fears that U.S. President Donald Trump’s incoming administration could rip up a free trade deal with Mexico. However, the peso has bounced back since Trump’s inauguration on signs the countries could reach a deal on trade.

Mexico’s government raised regular gasoline prices in January by 14 percent sparking protests and looting. But more stable global oil prices and a strengthening of the peso gave the government room to scale back gasoline prices in February. The unadjusted index consumer confidence index was 75.7 during the month.

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