A Success Story Threatened

MEXICO - Report 18 Feb 2014 by Mauricio Gonzalez and Ernesto Cervera
Executive Summary Last Wednesday, Banco de México (Banxico) published its quarterly review of inflation corresponding to the final three months of 2013. In the report, the monetary authority reiterated its opinion that the rise in inflation experienced in January came largely in response to higher prices for goods and services that were the subject of new taxes – primarily the levying of excise taxes on food deemed to have an inordinately high calorific level, i.e. junk food, and the extension of the 16% VAT rate to the country’s border regions, which had long enjoyed a considerably lower r...

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