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Mexico CPI Bond Yields Hold Near Seven-Month High; Peso Declines

Mexican bond yields linked to consumer prices held near a seven-month high before a government report forecast to show inflation slowed last month to within the central bank’s target range.

Yields on Udibonos due in December fell less than one basis point, or 0.01 percentage point, to 1.05 percent at 4 p.m. in Mexico City, according to data compiled by Bloomberg. Yesterday’s closing level of 1.06 percent was the highest since May 23. The peso slid 0.2 percent today to 12.7683 per dollar.

Annual inflation slowed to 3.76 percent in December from 4.18 percent in the prior month, according to the median forecast of economists surveyed by Bloomberg before the national statistics agency’s Jan. 9 report. The last time the rate of consumer price increases was within the central bank’s 2 percent to 4 percent target for an entire month was in May. Inflation slowed to 3.76 percent in the first half of December, the government reported Dec. 21.

“The effects are being most seen in the shorter part of the curve,” Mario Copca, a currency and fixed-income strategist at Metanalisis SA in Mexico City, said in a phone interview.

Yields on fixed-rated peso bonds due in 2024 fell two basis points, or 0.02 percentage point, to 5.51 percent, according to data compiled by Bloomberg. The price rose 0.14 centavo to 139.16 centavos per peso.

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