November inflation exceeded expectations and the October data, according to Inegi.
Mexico City, December 9 (However).- The inflation in Mexico rose more than expected in November: it stood at 3.80 percent annually, driven mainly by the rise in electricity rates and some products agriculturalreported the National Institute of Statistics and Geography (Inegi).
The president of Institute, Graciela Marquezreleased the figures of the National Consumer Price Index (INPC) in his X account, where he specified that the monthly increase was 0.66 percent, higher than the 0.44 percent in the same month of 2024.
Analysts expected an annual variation of 3.70 percent, so the reading surprised upwards and reversed part of the slowdown shown in October, when inflation stood at 3.57 percent.
Good morning. Today we publish the results of the National Consumer Price Index #INPC. In November 2025, the #inflation annual general was 3.80%.
By component, annual inflation was:
🔷 4.43% Underlying
🔷 1.73% Non-Underlying
(1/2) pic.twitter.com/LInfPZn6Tl
— Graciela Márquez Colín (@GMarquezColin) December 9, 2025
He statement He detailed that the INPC level reached 142,645 points. Core inflation, which excludes volatile prices, increased 0.19 percent monthly and reached 4.43 percent annually, also above the previous 4.28 percent. Within this component, services rose 0.39 percent and merchandise decreased 0.03 percent.
In contrast, the non-core component advanced 2.28 percent monthly and 1.73 percent annually, driven by the end of the subsidy to the summer electricity rate program in 11 cities in the country.
Fruits and vegetables increased 3.49 percent, while energy and tariffs authorized by the federal government rose 2.97 percent.
In November 2025, the National Consumer Price Index #INPC It stood at 142,645 and represented an increase of 0.66% compared to the previous month. With this result, general annual inflation was 3.80%.
By component, annual inflation was the following:
▪️4.43%… pic.twitter.com/Fbfxbw3I8s— INEGI INFORMA (@INEGI_INFORMA) December 9, 2025
Among the products with the greatest increases, electricity, public transportation, tomatoes, and food in loncherías and taquerias stood out. On the contrary, the prices of table wine, avocado, potatoes and other tubers, in addition to rum, showed declines.
The rebound comes a week before the monetary policy meeting of the Bank of Mexico (Banxico)scheduled for December 18. Despite recent pressures, analysts expect the Governing Board to cut the rate by 25 basis points, to place it at seven percent.
Deputy Governor Galia Borja pointed out that the risks continue to rise and warned that in 2026 there will be additional pressures, such as tax changes and the review of the T-MEC. However, low domestic demand and the strength of the peso could continue to support the reduction of inflation.
inpc_2q2025_12
The central bank maintains an inflation target of three percent, with a range of plus or minus one point. Although general inflation picked up in November, it is still below the level of a year ago, when it was 4.55 percent.