Inflation in Mexico rose to 3.75% year on year in October 2026, from 3.45% in September, the National Institute of Statistics and Geography (INEGI) reported on November 9. It is the third straight monthly increase, after a low of 3.12% in July. In the month, the National Consumer Price Index (INPC) rose 0.65% to 147.026 points, versus a monthly increase of 0.36% in October 2025.
The rise is explained mainly by electricity, which rose 18.51% in the month as the warm-season electricity tariff program ended in 18 cities, including Mérida, Monterrey, Cancún and Villahermosa, and by farm products such as tomatoes and green tomatillos. Core inflation, which excludes the most volatile prices, stood at 3.80% year on year. The Bank of Mexico's target is 3%, with a variability range of one point up or down.
View the data as a table
| Annual inflation | 3.75% |
| Monthly change | 0.65% |
| Annual core inflation | 3.80% |
| Monthly rise in electricity | 18.51% |
Inflation in Mexico: a third straight monthly rise
The series for the last twelve months shows a peak of 4.59% in March, a decline to 3.12% in July and a rebound since August. At 3.75%, inflation remains within the Bank of Mexico's range (2% to 4%), but is moving away again from the 3% point target.
View the data as a table
| Annual inflation | Banxico target | |
|---|---|---|
| Nov 2025 | 3.80% | 3.00% |
| Dec 2025 | 3.69% | 3.00% |
| Jan 2026 | 3.79% | 3.00% |
| Feb 2026 | 4.02% | 3.00% |
| Mar 2026 | 4.59% | 3.00% |
| Apr 2026 | 4.45% | 3.00% |
| May 2026 | 3.94% | 3.00% |
| Jun 2026 | 3.37% | 3.00% |
| Jul 2026 | 3.12% | 3.00% |
| Aug 2026 | 3.26% | 3.00% |
| Sep 2026 | 3.45% | 3.00% |
| Oct 2026 | 3.75% | 3.00% |
| Month | Annual inflation |
|---|---|
| Nov 2025 | 3.80% |
| Dec 2025 | 3.69% |
| Jan 2026 | 3.79% |
| Feb 2026 | 4.02% |
| Mar 2026 | 4.59% |
| Apr 2026 | 4.45% |
| May 2026 | 3.94% |
| Jun 2026 | 3.37% |
| Jul 2026 | 3.12% |
| Aug 2026 | 3.26% |
| Sep 2026 | 3.45% |
| Oct 2026 | 3.75% |
Source: INEGI's monthly INPC bulletins; the October figure is from INEGI, Consumer Price Index bulletin 684/26, November 9, 2026.
What went up and what went down in October
INEGI measures how much each product contributes to inflation with its "incidence," in percentage points. Electricity added 0.215 points of the month's 0.65: a third of the increase. It was followed by air transport, tomatoes and LP gas. In the opposite direction, internet, phone and pay-TV bundles, potatoes and limes fell, the latter by 16.53%.
| Product | Monthly change | Incidence (points) |
|---|---|---|
| Electricity | 18.51% | 0.215 |
| Air transport | 26.36% | 0.068 |
| Tomatoes | 9.68% | 0.055 |
| LP household gas | 3.67% | 0.051 |
| Green tomatillo | 35.58% | 0.040 |
| Owner-occupied housing | 0.26% | 0.036 |
| Zucchini | 23.22% | 0.024 |
| Professional services | 9.88% | 0.021 |
| Internet, phone and pay-TV bundles | -2.48% | -0.026 |
| Potatoes and other tubers | -6.29% | -0.022 |
| Limes | -16.53% | -0.019 |
| Oranges | -8.90% | -0.012 |
| Cars | -0.47% | -0.011 |
Source: INEGI, Consumer Price Index bulletin 684/26, November 9, 2026, table 2.
Inflation in Mexico by component: services, fruit and vegetables
Core inflation fell from 4.28% to 3.80% over a year, thanks to goods, while services remain above 4%. In the non-core component, fruit and vegetables are up 13.19% year on year, after falling 10.27% in the same month of 2025, and government-set tariffs are up 7.14%. Livestock products, by contrast, are down 3.61%.
| Component | Oct 2024 | Oct 2025 | Oct 2026 |
|---|---|---|---|
| Headline CPI | 4.76% | 3.57% | 3.75% |
| Core | 3.80% | 4.28% | 3.80% |
| Goods | 2.81% | 4.12% | 3.25% |
| Services | 4.98% | 4.44% | 4.32% |
| Non-core | 7.68% | 1.18% | 3.59% |
| Fruit and vegetables | 15.90% | -10.27% | 13.19% |
| Livestock products | 6.17% | 8.19% | -3.61% |
| Energy | 5.10% | 1.07% | 2.29% |
| Government-set tariffs | 3.79% | 3.86% | 7.14% |
Annual change in October of each year. Source: INEGI, Consumer Price Index bulletin 684/26, November 9, 2026, table 1.
The end of the summer electricity subsidy: the 18 cities
In Mexico, the hottest cities have cheaper warm-season electricity tariffs during the summer. When that period ends, INEGI records the rise in electricity prices, which happens every year between October and November. In October 2026 the program ended in these 18 cities covered by the INPC, according to note 2 of table 2 of the bulletin:
| Cities where the summer tariff ended (October 2026) |
|---|
| Mérida, Monterrey, Acapulco |
| Torreón, Veracruz, Villahermosa |
| Tampico, Monclova, Chetumal |
| Iguala, Tepic, San Andrés Tuxtla |
| Campeche, Tehuantepec, Ciudad Acuña |
| Cancún, Coatzacoalcos, Tuxtla Gutiérrez |
Source: INEGI, Consumer Price Index bulletin 684/26, November 9, 2026. That is why the October rise is largely seasonal: in October 2025 electricity also pushed up the index, and energy prices rose 2.67% that month. This year they rose 3.49% month on month. In the two halves of October, the INPC stood at 146.739 and 147.313 points, a fortnightly rise of 0.39%; the first half had already put annual inflation at 3.62%, according to the fortnightly bulletin.
Inflation in Mexico by type of spending
INEGI also publishes inflation under the international classification of individual consumption by purpose. Insurance and financial services (7.55%), alcoholic beverages and tobacco (7.00%) and restaurants and accommodation (6.20%) are the categories rising the most over a year. Information and communication is the only one falling (−1.55%), in line with cheaper internet and phone bundles.
| Type of spending | Annual inflation |
|---|---|
| Insurance and financial services | 7.55% |
| Alcoholic beverages and tobacco | 7.00% |
| Restaurants and accommodation | 6.20% |
| Education services | 5.85% |
| Health | 4.42% |
| Housing, water, electricity and gas | 3.60% |
| Personal care and other | 3.56% |
| Food and non-alcoholic beverages | 3.55% |
| Transport | 3.54% |
| Recreation, sport and culture | 3.20% |
| Clothing and footwear | 2.86% |
| Furnishings and household equipment | 2.73% |
| Information and communication | -1.55% |
Source: INEGI, Consumer Price Index bulletin 684/26, November 9, 2026, table 4.
The states with the highest inflation in October
The end of the electricity subsidy explains the map: Tabasco had the country's biggest monthly increase (2.39%), followed by Yucatán, Quintana Roo, Nuevo León and Coahuila, all with cities that left the summer tariff. At the other end, Sinaloa (0.12%), San Luis Potosí and Nayarit had the smallest increases. INEGI notes that these breakdowns are for information only.
Among cities, Villahermosa (2.39%) and Ciudad Acuña (2.38%) lead, while Ciudad Juárez (−0.12%) and Matamoros (−0.06%) saw prices fall. The minimum consumption basket, which tracks 170 goods and services defined with Coneval, rose 0.61% in the month and 3.59% year on year. INEGI's next monthly release will be on December 9, 2026. For regional context, see the Latin American inflation ranking and the article on the first half of October.
Frequently asked questions
What is Mexico's inflation in October 2026?
3.75% year on year and 0.65% month on month, according to INEGI. Core inflation was 3.80% year on year.
Why did inflation rise in October?
Mainly because of electricity (+18.51% in the month), as the summer subsidy ended in 18 cities, plus air transport, tomatoes and LP gas.
Which state had the highest inflation?
Tabasco, at 2.39% month on month, followed by Yucatán (1.59%) and Quintana Roo (1.36%).
When is the next figure released?
INEGI will publish November inflation on December 9, 2026.
