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  • Food volatility lifted headline inflation in Mexico, but underlying dynamics remain the policy constraint.
  • Core inflation is moderating slightly, yet stickiness in services is keeping Banxico cautious about easing.
  • Gradual disinflation supports rate cuts in Q2, though risks remain tilted modestly upwards.

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Keywords for: 25 February 2026 LatAm Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence