Mexico's economic activity increased by 1.8% at an annual rate: Inegi

This Friday, the National Institute of Statistics and Geography (Inegi) released the Global Indicator of Economic Activity (IGAE), in which it reported that during January 2022, there was an increase of 0.4% at the monthly rate, while the annual rate increased by 1.8%.

In this way, and in monthly terms, the 0.4% increase in the IGAE in January 2022 compared to December 2021, represents three consecutive months on the rise.

By components and with seasonally adjusted data, the monthly variation in January 2022 was as follows: secondary activities rose 1%, tertiary activities increased 0.2% and primary activities decreased 2.3%.

Inegi explained that last January, at an annual rate and with seasonally adjusted series, the Global Indicator of Economic Activity advanced 1.8% in real terms.

By large groups of activities and in annual terms, the secondary activities of the economy (mining, energy, construction and manufacturing sectors) increased the most with 4.3%.

Primary activities, dedicated to fishing, agriculture, livestock, forestry as well as extraction and production of raw materials, increased by 1.4% per year.

Meanwhile, tertiary activities (trade, tourism and the distribution of goods) were the ones that had the least progress, reaching only 0.8%.

But the monthly variation of each component in January 2022 had the following behavior: secondary activities rose 1%, tertiary activities increased 0.2% and primary activities decreased 2.3%.

According to Inegi, the Global Indicator of Economic Activity (IGAE) allows us to know and monitor the evolution of the real sector of the economy in the short term, providing valuable information for decision-making.

Its geographical coverage is national and represents 94.7% of the gross value added in 2013, the base year for the products of the System of National Accounts of Mexico (SCNM).

He specified that the main sources of information for this indicator are: the Statistics on the Mining and Metallurgical Industry (EIMM); the Monthly Survey of Manufacturing Industry (EMIM); the National Survey of Construction Companies (ENEC) and the National Survey on Employment and Employment (ENOE), prepared by INEGI. Data provided by chambers and producer associations and public and private institutions are also obtained

On Thursday, Inegi released the National Consumer Price Index (INPC), which continues its upward trend.

He explained that in the first half of March 2022, general inflation grew by 0.48% compared to the previous fortnight, so the annual rate stood at 7.29%.

He explained that the prices of agricultural products grew by 0.24%, that of energy and tariffs authorized by the government 1.35% at a biweekly rate.

The overall price increase was 0.48% compared to the last half of February, a rise of less than 0.52% predicted by some analysts.

Core inflation, which eliminates the prices of the most volatile products, increased by 0.35% biweekly and 6.68% annually. This increase is also slightly below what is expected by the market.

However, prices continue to grow at a higher rate than the average for the last 10 years.

The products that had a slight increase in their prices were domestic gas LP, low-octane gasoline, electricity, air transport, while food showed an upward variation in tortilla, egg, onion, avocado, as well as restaurants.

In contrast, products such as lemon, chicken, potato and chayote had slightly low prices.

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