Inflation at the start of 2024 ended up being the highest for the most vulnerable segment of the country.
According to data from the National Institute of Statistics and Geography (Inegi), during the first month of the year there was a general increase in the National Consumer Price Index (INPC) for all income groups, but the most pronounced increase was for those who have family expenses of up to a minimum wage
For the richest group of the population, their annual inflation of 4.71 percent in January was below the national level of 4.88 percent.
The January slope ended with bad news for the pockets of Mexicans, since during the period the increases in the prices of fruits and vegetables, as well as food and beverages, mainly stood out.
Inflation affects various income groups differently, since the most vulnerable segment of the population in Mexico continued at high levels.
This is demonstrated by the classification of individual consumption by spending stratum carried out by Inegi, revealing that in January the annual inflation of the population in Mexico with an income of up to one minimum wage was 5.76 percent, the highest since May 2023. .
In 2022, just over half of the spending made by lower-income households in Mexico was allocated to food, according to the National Household Income and Expenditure Survey (Enigh). Of the 14,722 pesos that households in the first decile spent in the quarter, 51.1 percent went to food, that is, around 7,508 pesos were spent on this item.
Increase in beverages and tobacco in Chiapas was the largest
That is why the problem is that the inflation of food and non-alcoholic beverages for this group of the population shot up to 8.78 percent annually, being where they spend most of their income.
On a national scale, the prices of food, beverages and tobacco increased 6.97 percent annually in January, higher than the 6.05 percent registered in the previous month.
The increase in the prices of food, beverages and tobacco in Chiapas stands out, ranking as the highest in the country, 8.78 percent annually in January, well above the national rate, according to data from the Banorte analysis area.
This contrasts with the X decile, which has the highest income and which excludes billionaires. These households, with a quarterly expenditure of 102,241 pesos, allocated 28.3 percent of this to purchasing food in 2022.
In the first month of the year, interannual inflation accelerated for the third month in a row and registered its highest variation in seven readings, due to the pressure on the non-core index, mainly in agricultural products. Current geopolitical tensions and climate events may put more pressure on energy and food prices, within the non-core index.