One of the main engines of the Mexican economy, private consumption in the domestic market, would have reported a setback in December 2022 compared to November, thus linking two months down, estimated the National Institute of Statistics and Geography (Inegi).
The Institute presents the results of the Timely Indicator of Private Consumption (IOCP), which are published as experimental statistics. These make it possible to have timely econometric estimates on the evolution of the Monthly Indicator of Private Consumption in the Internal Market (IMCPMI), based on seasonally adjusted figures.
By November 2022, the timely indicator estimates that private consumption in the domestic market registered a contraction of 0.35% compared to October of the same yearwhile, for December, a monthly decrease of 0.45 is calculated.
This setback is noteworthy, if one takes into account the campaign of commercial offers that would have meant El Buen Fin that took place from November 18 to 21, as well as the December holidays and the fact that some families had an additional income from the payment of Christmas bonuses.
For November 2022, the IOCP estimates an annual rate variation of the IMCPMI of 4.37%, while for December 2022 an annual rise of 2.54% is estimated, the lowest since April 2021, when the indicator began its recovery from the impact of the crisis generated by the pandemic.
This results allow for timely estimates on the evolution of the Monthly Indicator of Private Consumption in the Market. Thus, while the IMCPMI is published approximately nine weeks after the end of the reference month, the IOCP offers a first estimate just two weeks after the end of the reference month and a second estimate, generally more precise, six weeks after the month. end of the reference month, warns the Inegi.
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