| | |  Business News 
Mexico's October Prices Rise More Than Expected, Led Up by Food, Housing
 Jonathan J. Levin - Bloomberg
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November 10, 2010
Mexico’s consumer prices rose more than forecast in October, climbing 0.62 percent from the previous month as food and housing prices increased.
Prices rose 4.02 percent from a year earlier, the central bank reported today on its website. Economists expected monthly inflation to increase 0.56 percent and forecast an annual rate of 3.97 percent, according to the median estimates in surveys conducted by Bloomberg.
Mexico is experiencing only “moderate” wage increases and limited external pressure on prices, central bank Governor Agustin Carstens told reporters Oct. 27. The inflation outlook will allow the central bank to cut the number of policy meetings it will hold next year to eight from 11, Carstens said as he presented the bank’s quarterly inflation report.
Latin America’s second-biggest economy will grow 5 percent this year as it recovers from the biggest contraction in seven decades last year, Carstens said. Mexico’s central bank last month extended its longest-ever interest rate pause, keeping the overnight rate at 4.5 percent.
Mexico’s consumer confidence fell in October, the national statistics agency said Nov. 5 on its website. The index decreased to 89.2 from 91.6 in September, the agency said.
The peso was little changed at 12.2226 per dollar at 11:32 a.m. New York time.
To contact the reporter on this story: Jonathan J. Levin in Mexico City at Jlevin20(at)bloomberg.net
To contact the editor responsible for this story: Joshua Goodman at jgoodman19(at)bloomberg.net
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