Mexico | Consumption grew 4.7% in February with a boost from services and higher mobility

Summary

The figures suggest an increase in households’ activities outside the home after the low mobility reported in January associated with the Omicron variant, as pointed by gasoline consumption (proxy for mobility) which grew 5.4 % MoM (vs -4.7% in January).

Key points

• Key points:
• Within the services component, consumption in restaurants grew 12.9%, while spending on hotels showed a monthly variation of 5.1%, after the contraction in January.
• Online spending rebounded 14.1%, after low growth in January, reaching a level equivalent to 2.6 times its pre-pandemic level (January 2020).
• Going forward, we identify as a risk for consumption the potential increase in prices derived from the possible rise in the costs of certain inputs for production, in the wake of the war in Ukraine.

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