Inflation absorbed
Although respondents in the PMI survey reported a rise in the cost of components, manufacturers on the whole absorbed the rise themselves, keeping prices of finished goods stable.
“Input price inflation remained elevated, but manufacturers kept prices charged from customers broadly unchanged amid ongoing efforts to secure new work," noted Pollyanna de Lima.
Also on Thursday, Business Confidence for Mexico’s industrial sector fell to 54.2 from an upwardly revised 54.4 in March, according to data from INEGI.
Foreign Exchange Reserves held by Banxico remained unchanged at $220B in March, and Mexico’s fiscal balance showed a widening of the deficit to $437.2B, according to the Secretaría de Hacienda y Crédito Público.
In a poll of private analysts, headline inflation was expected to rise to 4.20% in 2024, up from the March estimate of 4.10%, revealed Banxico
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