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  • Food and energy shocks have driven inflation higher in Mexico, but core pressures are contained.
  • Economic activity weakened sharply at the start of the year, signalling a broader loss of momentum.
  • Banxico will hold rates, as inflation risks are persisting and growth slowing, reinforcing its cautious stance.

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Keywords for: 25 March 2026 LatAm Monitor

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