MEXICO CITY–Mexico’s consumer prices rose more than expected in early September, although annual inflation hit a new low, giving room to the Bank of Mexico to hold rates unchanged at record-low levels. The consumer-price index increased 0.32% in the first half of September, lowering 12-month inflation to 2.53% from 2.59% at the end of August, the national statistics agency said Thursday. The data came in above the 0.28% median estimate of 15 economists polled by The Wall Street Journal. Consumer prices rose more than expected in the first two weeks of September mainly due to increases in non-food goods, which suggests the heavy depreciation of the peso in recent weeks is starting to impact some prices by making imports more expensive.
The peso reached a fresh new low against the U.S. dollar in early trading Thursday. In the last year, it has lost around 23% of its value against the greenback.