Consumer credit grows 13.4% in October, despite high interest rates

Consumer credit maintained its dynamism in October with a growth of 13.4 percent annually in real terms, to a total of 1.38 trillion pesos, according to the current credit granted by commercial banks to the private sector published by the Bank of Mexico (Banxico).

Although the data is solid, it marked a marginal moderation, since in September it grew 13.5 percent. Besides, accumulated eight months with double-digit annual increases, according to data from the Monetary Aggregates and Financial Activity corresponding to October.

Inside, in the credit cards an increase of around 16.0 percent was observed Yearly and although it was lower than the 17.3 percent of the previous month, it has already recorded 13 months with double-digit increases.

In payroll creditthe streak is eight months with double-digit increases and in October The advance was 10.2 percent annually in real terms, and in Personal ones, the increase was 9.3 percent.

Meanwhile, credit for the purchase of consumer goods durable accelerated to 14.6 percent real annual, the highest since August 2017.

At a general level, the credit portfolio showed a real annual expansion of 6.2 percent in October, a figure similar to the previous month and a total of 5.91 trillion pesos.