By Ovunc Kutlu
ISTANBUL (AA) - Mexico's producer prices increased in March, both on monthly and annual basis, according to official figures released Tuesday.
The producer price index monthly rose 0.85% in March, compared to February, the National Institute of Statistics and Geography (INEGI) said in a statement.
The figure is a significant acceleration from February when it recorded a monthly gain of 0.4%.
At a monthly rate, primary prices rose 3.22% in March; while secondary and tertiary activities gained 0.54% and 1.02%, according to INEGI.
Annually, producer prices increased 2.04% in March, compared to the same month of last year, according to INEGI figures.
Producer prices show an annual gain of 1.4% in February.
Mexico's central bank on March 21 lowered its key interest rate by 25 basis points to 11%, from a record-high of 11.25%.
The move marked the first rate cut since 2021 for the Banco de Mexico who last made a rate hike in March 2023.