According to the national statistics agency, consumer prices in Mexico increased by 7.82% from January through December, which was significantly less than anticipated but still a small increase in inflation.
The increase in consumer prices in December was 0.38%, according to non-seasonally adjusted data. The core index, which excludes some volatile energy and food costs, increased by 0.65% in the month and reached 8.35% annually.
Over the past 20 years, inflation has fluctuated between 2% and 7%, and it will likely stay that way. It is doubtful that it will exceed that level, but it is still possible.
The opportunity cost for the bank must also be taken into account; if treasury bonds are also in the range of 3 to 7%, it makes no financial sense to lend money to an individual (who, by definition, has a bigger risk than a relatively stable country). Thus they must demand a higher interest rate.
Additionally, access to credit is more difficult in Mexico than in some other countries, leading many consumers to accept whatever credit is offered to them. Because fewer people are comparing rates, the pricing war is less fierce than in markets with greater transparency and ease of access, where anyone can readily obtain a mortgage.
According to the country’s statistical office, Croatia’s trade deficit climbed to 16.2B euros. From January through November, exports increased 32% year over year to 22B euros. Meanwhile, imports increased 48% to 38.2B euros, according to a statement from the Croatian Bureau of Statistics, which cited preliminary statistics.
In the review period, Croatia’s exports to the EU surged by 33% year over year to reach 15.1B euros. Meanwhile, imports from the EU jumped by 36% to 26.9B euros. An agriculture official announced on Monday that the Philippines is considering importing onions for immediate consumption in order to increase a scarce supply and lower excessive costs that have contributed to the highest inflation in 14 years.
Markets in Manila have recently seen red onion retail prices soar to as much as 700 pesos ($12.70) per kilogram, probably the highest price in the world, according to some economists. In contrast, four months ago, the price per kilogram ranged between 120 and 170 pesos.
The Department of Agriculture had just said that it would not import onions because the local harvest season was about to start and would peak in February when the plot to import onions first surfaced. Regular importers of onions from China and other Asian neighbors include the Philippines.