Mexico's annual inflation accelerates slightly in early October
Adds analyst comments in paragraphs 7 and 8
Oct 24 (Reuters) - Mexico's annual inflation accelerated slightly in the first half of October, official data showed on Thursday.
In Latin America's second-largest economy, 12-month headline inflation came in at 4.69% in early October, statistics agency INEGI said, above the previous month's 4.66% and the 4.65% forecast by economists polled by Reuters.
The key figure remains above the Bank of Mexico's (Banxico) 3% target, plus or minus 1 percentage point.
Mexico's closely monitored core consumer price index, seen as a better gauge of price trends because it strips out volatile energy and food prices, hit 0.43% in the period, with the annual rate at 3.87% - both above market forecasts.
Banxico still has two more monetary policy decisions scheduled before the end of the year, on Nov. 14 and Dec.19.
Based on the central bank's most recent survey of private sector analysts, the market expects the rate to close out 2024 at 10% before dropping to 8% by the end of next year.
October’s mid-month inflation figures alongside the recent weak economic activity data for August published this week pave the way for another 25-basis-point cut at Banxico’s next meeting, said Kimberley Sperrfechter, emerging markets economist at Capital economics.
However, she added, the outcome of the U.S. election may change the outlook for monetary policy in Mexico, especially if a Trump victory leads to a sharp sell-off in the peso.
Reporting by Natalia Siniawski and Ricardo Figueroa; Editing by Gabriel Araujo
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