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Mexican inflation hits 4.95 annual rate, highest since December 2004

Mexican inflation hits 4.95 annual rate, highest since December 2004

Mexico's central bank says annual inflation rose to 4.95 percent in May, the fastest pace in more than three years, amid rising food prices.
The bank said Monday that annualized inflation rose more rapidly than in any month since December 2004, led by the swelling costs of food oils, rice, wheat products and corn tortillas.
Housing costs also climbed, likely due to the increased cost of building materials. Annual inflation was 4.55 percent in April.
Mexico subsidizes gasoline and other fuels, and officials say that has insulated the economy against even more abrupt price gains.
Food prices have provoked protests, leading President Felipe Calderon to announce the elimination of import tariffs on wheat, corn and rice last month.


Updated : 2021-05-06 07:20 GMT+08:00