Mexico City. Dragged by the domestic sector, private consumption in Mexico started 2024 with a monthly contraction and less progress compared to January of last year, reported the National Institute of Statistics and Geography (Inegi).
The Monthly Indicator of Private Consumption (IMCP) evaluated that spending by companies, families and individuals in Mexico showed a monthly drop of 0.6 percent in January, after two months in a row of reporting growth.
Although the Timely Indicator of Private Consumption (IOCP) anticipated that the weakness of consumption in the country persists during the end of 2023 and the beginning of 2024, said indicator estimated a monthly increase of 0.1 percent for the first month of the year, therefore that the final data was far below expectations.
According to Inegi, for January 2024, the IMCP stood at 108.7 points, which represented a sequential drop of 0.6 percent in January and an advance of 1.9 percent compared to the first month of 2023, far from the annual rate. December of 5.5 percent with seasonally adjusted figures, to make the periods more comparable.
The rebound in inflation in January, caused by the increase in agricultural prices and increases in services, typical of the start of the year (January cost), influenced the decline in private consumption in the country.
By component, in the first month of 2024 and with seasonally adjusted data, the consumption of goods and services of national origin decreased 0.8 percent and that of goods of imported origin increased 0.4 percent, supported by the behavior of the exchange rate.
In its annual comparison and with seasonally adjusted series, private consumption increased 1.9 percent. Internally, spending on imported goods grew 14.3 percent and on national goods and services fell 0.5 percent (goods fell 2.5 percent and services rose 2.1 percent).
#Weakness #private #consumption #persists #falling #monthly #January
– 2024-04-07 01:07:02
