While headline inflation decelerated from the 3.18% recorded in late June, the core index—which strips out volatile energy and food prices—edged slightly higher to 3.95%. This divergence highlights persistent pressure in the services sector, where airfares and tourism packages saw seasonal spikes. Conversely, hotel rates retreated following a temporary surge linked to the recent soccer World Cup.

Energy costs slipped 0.07% during the period, providing relief alongside a 1.5% drop in fruit and vegetable prices. Despite these localized gains, the Bank of Mexico remains cautious. With the central bank’s benchmark interest rate steady at 6.5%, analysts anticipate a prolonged period of monetary stability as policymakers track inflation toward their 3% target.