Inflation rate in Mexico 2024

Mexico: Inflation rate from 1984 to 2024 (compared to the previous year)

by H. Plecher, last edited Sep 11, 2019
Inflation rate in Mexico 2024 The statistic depicts the average inflation rate in Mexico from 1984 to 2018, with projections up until 2024. The inflation rate measures price changes for a fixed basket of goods which includes a representative selection of goods and services. In 2018, Mexico's average inflation rate was around 4.9 percent compared to the previous year.
Mexico’s economy

Mexico’s gross domestic product (GDP) has been increasing slightly over the last decade, however, its national debt still amounts to almost half of its GDP. The majority of Mexico’s GDP is yielded by the services sector, as a look at the distribution of gross domestic product in Mexico by sector shows. More than 60 percent of GDP are generated in this sector; the majority of the Mexican workforce is employed in services. One important contributor to Mexico’s GDP is tourism. The total unemployment rate in Mexico took a turn for the worse during the recession of 2008 and is still to bounce back to previous levels.

Mexico’s main export and import partner is the United States which accounts for approximately half of the value of both. Thus, the trade balance of goods in Mexico, showing the value of exports minus the value of imports, is heavily dependant on the United States. For the past decade, Mexico’s trade balance has run at a deficit of more than 10 billion US dollars. The trade balance of services sector in Mexico has also been in the red with a deficit of more than 6 percent since the recession and higher than 9 percent since 2011.

Mexico is also one of the largest drug exporting countries worldwide. Specific trade figures are not available, however, Mexico is among the top countries for opium cultivation based on acreage, and thousands of illegal poppy fields, processed into opium, have been destroyed in Mexico year after year.
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Mexico: Inflation rate from 1984 to 2024 (compared to the previous year)

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