Inflation rises to 3.45% in September as fruit and vegetable prices climb nearly 9%

Mexico’s annual headline inflation rate increased for a second consecutive month in September, rising to 3.45%, the national statistics agency INEGI reported Thursday. The headline rate rose 0.19 percentage points from a 3.26% reading in August. The annual core inflation rate, which excludes volatile food and energy prices, fell to 3.75% in September from 3.88% in August. INEGI reported that month-over-month inflation was 0.42% in September. The annual headline rate reached its highest level since May in September. However, the rate was still well below the 2026 peak, which was 4.59% in March. The publication of the inflation data for September comes two weeks after the Bank of Mexico (Banxico) board voted in favor of maintaining the central bank’s benchmark interest rate at 6.50%. Banxico targets annual inflation of 3% but tolerates a 2%-4% range. The central bank’s board will hold its next monetary policy meeting on Nov. 5. Fruit and vegetable prices rise almost 9% annually Fruit and vegetable prices rose 8.78% in the 12 months to September, the largest increase among the categories of goods and services tracked by INEGI. In contrast, meat prices fell 4.46% annually. En septiembre 2026, el Índice Nacional de Precios al Consumidor #INPC se ubicó en 146.075 y representó un aumento de 0.42% respecto al mes anterior. Con este resultado, la inflación general anual fue de 3.45%. Por componente, la inflación anual fue la siguiente: ▪️3.75% subyacente ▪️2.45% no subyacente 📄 Consulta el boletín de indicador: https://t.co/4a4Xjvvnt8 📊 Explora los datos: https://t.co/wT5qZtebSL — INEGI INFORMA (@INEGI_INFORMA) October 8, 2026 Prices in the broader agricultural goods category — which includes fruit, vegetables and meat — rose 0.79% in the year to September. In the same month, annual inflation was 4.57% for processed food, beverages and tobacco; 2.03% for non-food goods; 4.27% for services; and 3.81% for energy, including electricity and gasoline. Other need-to-know economic data The Bank of Mexico reported an end-of-day USD:MXN exchange rate of 18.20 on Thursday. The peso has depreciated 1.1% against the US dollar so far in 2026. Mexico’s economy grew 3.3% in annual seasonally adjusted terms in July, the strongest growth of any month so far in 2026. Mexico recorded a trade surplus with the United States of $155.87 billion between January and August, an increase of 21.2% compared to its surplus with the U.S. in the first eight months of 2025. Fixed capital investment in Mexico increased 6% annually in July, the strongest growth of any month in two years. With reports from El Economista