Mexico's inflation accelerates to 3.5% in September

Mexico's annual inflation accelerated to 3.5% in September, reaching its fastest pace since May, according to data released on October 8 by the national statistics agency Inegi. The headline rate gained speed for the second consecutive month.

The monthly print was driven primarily by price increases in onions, potatoes, and tomatoes. The 3.5% figure matched the private consensus estimate from Citi's survey of 37 banks, brokerages, and research groups conducted during the week.

With the September reading, Mexico accumulated an inflation rate of 7.3% during the first two years of President Claudia Sheinbaum's administration. That compares with a 6.4% cumulative rate recorded during the equivalent period under her predecessor.