The inflation rate came in at 13.3% in October, up from 12.8% in September. The October result was the highest rate of inflation since our current records began. Looking at the details of the release, food prices rose at a faster pace in October and transportation prices rebounded. Meanwhile, housing and utility prices have been largely stable. In contrast, prices for clothing and shoes rose at a more subdued pace.
The trend indicated an upward trend, with annual inflation averaging 9.4% in October (September: 8.6%). Meanwhile, the harmonized inflation rate rose to 12.7% in October from 12.6% in September.
Finally, consumer prices rose 1.34% from the previous month in October, moderated from the 1.44% increase in September.
FocusEconomics Consensus forecast committee members expect inflation to average 6.3% in 2023, up 0.3 percentage points from last month’s forecast. In 2024, the committee sees an inflation rate of 2.7%.