The reading rose from 3.45% in September and came in above the median estimate of 3.65% in a Bloomberg survey of 23 economists.
Core prices also accelerate
Core inflation, which strips out volatile food and energy prices and is closely watched by Banxico, climbed to 3.80% year on year in October. That was above both the 3.78% forecast by economists and September’s 3.75% reading. The central bank tracks the core measure as a gauge of underlying price pressure.
Price increases were sharpest in a handful of categories. Air transport prices jumped 26.36% during the month. Zucchini, known locally as calabacita, rose 23.22%. Electricity prices climbed 18.51%.
Scrutiny for Banxico
The inflation data landed a week after Banxico cut interest rates despite persistent price pressures, a decision that is expected to face intensified scrutiny now that both headline and core measures have come in above forecast.
In the United States, annual inflation stood at 3.7% in September, near a 31-day high.
Related: Swiss inflation jumps to 1.5% in October, tops forecasts · Indonesia's October inflation at 3.23%, eastern provinces lead
Source: Bank of Mexico | Data: FRED — St. Louis Fed
