Inflation: onward and upward

Mexican consumer prices climbed in December, pushing the annual inflation rate up to 3.82% from September's 3.12% annual rate. The depreciation of the peso and a jump in agricultural prices kicked in at the end of the year: merchandise and agricultural prices accounted for 71% of December's 0.82% inflation rate.

For the year as a whole, non-underlying inflation (agricultural and prices set or controlled by the government, including energy prices) drove overall inflation, up 5.34%. Energy prices climbed 8.31% in 2011. In contrast, agricultural prices rose just 3.76%. Underlying inflation (merchandise and services prices) rose 3.35%.