http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-11-19.htmlRising energy prices contribute 1pp to headline inflation Downward pressures on core inflation remain prevalent Prices of new and used vehicles support core inflation Core inflation remains stable Headline inflation rose 0.3% in October, following a 0.2% increase in September. The difference is credited to stronger growth in energy prices, which rose 1.5%, compared to 0.6% in the previous month. Rising prices of both household energy and gasoline contributed equally to the increase. FoodThu, 19 Nov 2009 08:14:16 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-11-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-10-16.htmlEnergy prices rose less than 1% Core inflation stable; downward pressures persist Rent and owners’ equivalent rent price indexes decreased Core inflation continues downward trend September’s headline inflation rose 0.2% after a 0.4% increase in August. The difference can be attributed to lower growth in energy prices. Energy prices rose 0.6% in September, compared with 4.6% in August. Consistent with the average 2009 monthly growth rate, food prices declined at 0.1%. On a year-over-year (yoy)Fri, 16 Oct 2009 07:31:01 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-10-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-09-18.htmlEnergy prices boosted headline inflation in August Modest but widespread price increases keep core inflation stable Downward pressures on inflation persist Core inflation is exhibiting a downward trend August’s headline inflation jumped up 0.4% after exhibiting no change in July. The index was boosted by a 4.6% increase in energy prices, driven by a 9.1% increase in gasoline prices that added 0.3pp to the total. Furthermore, household energy prices were boosted 0.2% by a 3.9% rise in fuel oilFri, 18 Sep 2009 06:54:26 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-09-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-08-17.htmlFood and energy prices depressed headline inflation Core price increases are modest but widespread Inflation will remain low, with no upward pressure Core component price increases are widespread July’s headline consumer prices exhibited no change after jumping up 0.7% in June. In total, food and energy subtracted 0.1pp from headline inflation. While surging gasoline prices added 0.7pp to the total index in the prior month, July’s 0.9% drop in prices had a negligible effect. Furthermore,Mon, 17 Aug 2009 09:44:06 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-08-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-07-16.htmlEnergy prices drive up headline inflation Core price increases are modest but widespread Core inflation is expected to remain low but positive Surging gasoline prices boost headline prices June’s headline consumer prices rose 0.7%, the largest increase since July 2008. Prices were primarily driven up by the 7.4% jump in energy prices, the largest monthly change since September 2005. Even though household fuels continued its eleven month decline, gasoline prices surged 17.3%, resulting inThu, 16 Jul 2009 10:36:50 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-07-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-06-18.htmlRising energy prices offset falling food prices Core price increases were abundant across most components Core inflation is expected to remain low but positive Energy prices boosted May’s headline inflation May’s headline consumer prices rose 0.1% after exhibiting no change in April. After falling for the previous two months, the energy index rose 0.2%. A 3.1% increase in gasoline prices offset the 1.8% decrease in household energy prices, a component that has been on the decline since AugustThu, 18 Jun 2009 08:49:03 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-06-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-05-19.htmlFalling energy and food prices stunted headline inflation Core prices increase across commodities and services Core inflation is expected to remain low but positive Headline prices remained steady April’s headline consumer prices exceeded expectations by exhibiting no change, after falling 0.1% in March. The index was pulled down by a 2.4% drop in energy prices, the second consecutive monthly decrease in 2009. The declines were widespread among motor fuel, fuel oil, natural gas andTue, 19 May 2009 09:36:15 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-05-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-04-16.htmlFalling energy prices led the decline of headline consumer prices Core components experienced mixed results Downside risks remain due to economic slack Headline inflation fell for the first time in 2009 March’s change in headline consumer prices came in below our expectations at -0.1%. After rising for the first two months of 2009, March’s headline inflation was dragged down by a 3.0% drop in energy prices. The 4.0% drop in gasoline prices led the decline, bringing headline CPI down by 0.2pp.Thu, 16 Apr 2009 08:53:39 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-04-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-03-19.html• Energy prices drove the increase in headline inflation • Price increases were widespread across core components • Downside risks due to increasing economic slack Core CPI increased for the second straight month February’s headline consumer prices exceeded our expectations by coming in at 0.4%, compared to our forecast of 0.3%. This is the second month in a row of positive headline inflation after falling in the last three months of 2008. The index was boosted predominately by a 3.3% increaseThu, 19 Mar 2009 08:59:34 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-03-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-02-23.html• This result was influenced by a rise in energy prices • Core inflation increased after a period of moderation • Fed Funds rates are expected to remain unchanged The positive results are only transitory Headline consumer prices slightly exceeded our expectations in January by increasing 0.3%, compared to our forecast of 0.2%. The increase was driven by energy prices, which rose by 1.7% in January for the first time in six months. Gasoline prices rose by 5.9%, putting an end to a five monthMon, 23 Feb 2009 11:12:30 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-02-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-01-19.html• This trend has been influenced by falling energy prices • Core inflation moderated significantly • Deflationary risks remain contained Average headline consumer prices will decline in 2009 In line with our expectations, headline consumer prices declined 0.7% in December, pushed down by lower energy prices which decreased 8.3% in this month. Gasoline fell sharply for the fifth consecutive month. In addition, food prices remained unchanged, unable to offset the impact of falling energy cost.Mon, 19 Jan 2009 09:36:39 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2009-01-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2008-12-19.htmlInflation declined sharply Declines in energy prices drive down headline inflation  Core inflation remains in line with our forecasts  Downside risk to the inflation outlook have increased Downward pressures on inflation intensified In November headline consumer prices declined 1.7%. Food prices moderated 0.2%, the lowest since January 2008. This was largely the result of a reduction in meat and fruits. Energy prices dropped 17%, the sharpest fall since the series was first recordedFri, 19 Dec 2008 09:47:32 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2008-12-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2008-11-20.htmlHeadline consumer prices declined 1% in October, the biggest drop in 61 years Core prices fell 0.1% in October from a 0.1% increase in September, reflecting the effects of slower economic activity Going forward, headline inflation will drop further as energy prices remain subdued We expect core inflation to remain low, consistent with our forecast of weaker economic activity Headline inflation declined sharply Headline consumer prices declined 1%. Food prices inflation moderated to 0.3% inThu, 20 Nov 2008 10:32:51 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2008-11-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2008-07-17.html• Headline consumer prices rose 5% on a year-to-year basis, the fastest rate of increase since May 1991  • Core inflation unexpectedly rose to 0.3% mom, offsetting positive readings in the previous months  • Economic slack and the absence of a wage spiral will help contain inflationary pressures from energy and food prices  • We maintain our forecast of a pause in monetary policy Pressures to headline inflation intensified Headline CPI rose 1.1% in June from 0.6% in May, theThu, 17 Jul 2008 12:07:48 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2008-07-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2008-06-18.html• Headline inflation is likely to reach a 17-year high • Consumers’ 1- year-ahead inflation expectations rose to 5.2%, not seen since 1982 • Although risks to core inflation have intensified, we expect it to remain stable • These trends are still consistent with a pause in monetary policy Pressures from oil and food prices persist As anticipated, after the lower than expected headline readings in April, inflation rebounded in May to a seasonally adjusted 0.6% (4.1% yoy). Once again, the mainWed, 18 Jun 2008 08:41:21 GMThttp://www.fxstreet.com/fundamental/analysis-reports/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/analysis-reports/inflation-observatory/2008-06-18.html