Consumer confidence fell 1.7 points during July;  add three months down

The consumer confidence fell for the third consecutive month in July, between the levels inflationaccording to figures from the National Institute of Geography and Statistics (INEGI).

The Consumer Confidence Indicator (ICC) decreased in July 1.7 points compared to the previous month. Likewise, fell three in its annual comparison, according to the INEGI.

Equally, the economic situation of households decreased 0.7 compared to the previous year, while the expectation for the next 12 months it contracted 2.1 points.

The purchase possibilities goods such as furniture and appliances, dropped 1.1 pointswhile the perception of the current economic situation of household members fell 0.7.

The purchasing power of Mexican households has been affected by the levels of inflation. Only in the first two weeks of July, the INEGI reported that the annual headline inflation stood at 8.16%, while the fortnightly was 0.37% and the annual, 5.75%.

products like eggs, potatoes, oranges, onions, electricity, tourist services and transportation aerial rrecorded the biggest increases.

However, the Mexican economy advanced by 1% during the second quarter of 2022, according to INEGI. In addition, the International Monetary Fund (IMF) improved its growth projection for the country this year, from 2 to 2.4%.

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