Mexico's inflation rose by a low 0.8 percent in October as compared to September, pushing the inflation for the first 10 months of the year to 46.4 percent, the country's central bank reports.
The 0.8 percent inflation rate in October was higher than the 0.6 percent inflation registered in September.Banco de Mexico, releasing its monthly report, said the increase in prices of beef and eggs last month were mainly responsible for the 0.8 percent hike.
Under its anti-inflationary Economic Solidarity Pact, signed last year by President Miguel de la Madrid and representatives of labor, business and agriculture, the government has managed to bring down inflation from 15.5 percent in January to below the government's targeted 2 percent monthly rate.
The government's plan, under which prices of public goods and services were frozen and a fixed peso-dollar parity was set, appeared to have worked well enough to allow the signatories to extend the Pact until the end of November.
President-elect Carlos Salinas de Gortari, a Harvard-educated former budget and planning minister who is scheduled to assume office Dec. 1, has also reached an agreement with the signatories to extend the Pact until Dec. 31.