The Day at a Glance | January 11 2024

The Top

*In the United States, annual consumer inflation set at 3.4% at the end of 2023, 0.2% above the consensus estimate. 

*Industrial production in Mexico negatively surprised with -1.0% m/m and 2.8% y/y readings – both well below consensus estimates (0.3% and 5.3%).

*Opposition parties in China and Taiwan warn about the threat to peace posed by the ruling party´s candidate. 

*World trade decreased by 1.3% from November to December 2023, which is attributed to attacks in the Red Sea, as reported by a German economic institute on Thursday.

Economic environment

In the United States, annual consumer inflation set at 3.4% at the end of 2023, 0.2% above the consensus estimate. In December, the Consumer Price Index increased by 0.3%, following a 0.1% hike in November, both figures seasonally adjusted. The consensus had forecasted a 0.2% increase in December. Meanwhile, core inflation – which excludes energy and food – also increased by 0.3% in December, in line with market expectations. On an annual basis, core inflation stood at 3.9%. This inflationary data has a negative bias, especially because a decrease in annual inflation was expected; in November, inflation set at 3.1%. Additionally, the upturn in housing, which accounted for nearly half of December´s increase, is a significant factor that affected the index.