By Eliane Portillo

Inflation in Mexico recovered 1.08% in November. It reached an annual growth rate of 3.48%. Thus, consumer prices showed that they already touched ground and began a moderate upward trend that will continue throughout 2012.

Last September reached an annual rate of 3.14%; the year’s lowest level to subsequent had a marginal rebound to 3.2% in October and due to seasonal increase in energy prices in November rose to 3.48%.  An analysis noted that, The main pressure in prices rise resulting from the seasonal increase in electricity rates (impact of 0.67 points in total of 1.03 of the INPC), increases in services prices for mobile telephony and transportation as well as some agricultural commodity prices (beef).

The Bank of Mexico has mentioned that the main risks to inflation are adverse behavior in the exchange rate before a possible scenario of international volatility and an eventual rise in prices of agricultural products associated with climatic factors.

The expectations survey, which launched last December 5th, said that by the end of 2011, the forecast of general inflation increased to 3.47% from 3.32% in the previous survey. By the end of 2012, the forecast of general inflation is increased to 3.70% from prior 3.57%.