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Mexico CPI Bonds Fall on Inflation Data; Peso Pares Weekly Gain

Mexico’s inflation-linked bonds sank, pushing yields to a six-month high, after a report showed consumer prices in Latin America’s second-biggest economy rose less than forecast last month.

Yields on inflation-linked securities due in June 2016 increased five basis points, or 0.05 percentage point, to 0.95 percent at 4 p.m. in Mexico City, according to data compiled by Bloomberg. The peso slipped 0.1 percent to 13.2822 per dollar, paring its advance on the week to 0.6 percent.

Demand for the securities, known as Udibonos, declined after the national statistics agency said consumer prices climbed 0.89 percent in January from the previous month, compared with the 0.97 percent median forecast of 20 analysts surveyed by Bloomberg. Annual inflation quickened to 4.48 percent from 3.97 percent in December, above the 4 percent upper limit of the central bank’s target range.

“The short end of the curve is being affected negatively,” Gerardo Welsh, the head of money markets at Banco Base SA, said in an e-mailed response to questions. Today’s report supports the central bank’s “expectation that inflation will retake its downward trajectory.”

Banco de Mexico has said that a pickup in inflation from new levies on junk food and sugary drinks and higher sales taxes in regions bordering the U.S. isn’t spreading to the broader economy, and price increases will probably slow to within policy makers’ target range in the second quarter.

Yields on benchmark peso-denominated notes due in 2024 fell 0.1 percentage point to 6.42 percent. Today’s yield decline pushed the drop on the week to 23 basis points, the most since the week ended Sept. 20.

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