Mexico could see its overall inflation rate slow to its lowest level, according to a Reuters survey; lower food prices offset seasonal increases in tourism costs.

According to forecasts by 18 analysts surveyed, annual headline inflation is likely to have fallen by 3.12%, marking the fourth consecutive decline.

Core inflation is expected to have slowed further to 3.94%, its lowest level in quite some time. Similarly, consumer prices are estimated to rise 0.03% month-over-month, while core prices are expected to rise 0.22%. This figure would bring inflation closer to the Bank of Mexico's 3% target, with a margin of one percentage point.

Andrés Abadia of Pantheon Macroeconomics said: “The disinflation process is on track, although inflation in the services sector is likely to keep Banxico on its guard.”

Barclays has warned that food prices could rise again and that future increases in the minimum wage could prolong inflationary pressures in the service sector.

The National Institute of Statistics and Gynecology (INEGI) will release its latest inflation figures soon, and we will see whether these predictions come true.

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