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 Business News | January 2008 
Mexico 2007 Inflation One of the Lowest on Record
 Associated Press
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Mexico City – Inflation in Mexico reached one of its lowest levels in history in 2007, the Bank of Mexico announced Wednesday.
The National Consumer Price Index rose 0.41 percent in December, bringing inflation for the year to 3.76 percent, from 4.05 percent in 2006, the bank said.
The rate is the second-lowest since the central bank began tracking inflation in 1973. Mexico registered its lowest inflation rate, 3.3 percent, in 2005.
The central bank noted declines in prices of local phone service and a number of fruits and vegetables, and increases in prices of package tours, tomatoes and housing.
Core inflation, which excludes education, energy and fresh fruit and vegetables, rose 4 percent in 2007, and 0.46 percent in December.
The bank's inflation projection for 2007 was between 2 percent and 4 percent.
Separately, the Mexican Auto Industry Association said auto production and exports increased last year as domestic sales declined.
Production increased by 2.2 percent, to 2.02 million units, from 1.97 million in 2006. Exports grew by 5 percent – to 1.61 million vehicles from 1.53 million.
The association, which had projected a 10 percent increase in exports, cited lower sales to its principal export markets, the U.S. and Canada.
Domestic sales fell by 3.5 percent to 1.09 million vehicles from 1.13 million sold in 2006. The auto industry represents the largest single manufacturing sector in Mexico. |
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