The Day at a Glance | September 8 2023

*This afternoon, the Finance Ministry will deliver the 2024 economic package to the Mexican Congress.

*On Friday night, August´s inflation figures in China will be released.

*World leaders have started to arrive in New Delhi where the G20 summit will take place. The absence of the presidents of Russia and China, Vladimir Putin and Xi Jinping, is noteworthy.

Economic environment

This afternoon, the Secretary of Finance, Rogelio Ramírez de la O, will deliver the 2024 economic package to the Mexican Congress. The head of the Finance Ministry is scheduled to go to the Chamber of Deputies at 5:00 pm in compliance with the Federal Budget and Fiscal Responsibility Law (LFPRH for its acronym in Spanish). The document includes the General Criteria of Economic Policy (CGPE), which contains estimates for GDP, inflation, the exchange rate, interest rates, and Mexican oil price forecasts.   

Inflation in China is believed to have remained weak during August, according to the analysts’ consensus. At 7:30 pm (Mexico City time), inflation figures for August will be released in China. The Consumer Price Index (CPI) is expected to have increased by 0.1% on an annual basis, up from the -0.3% logged in July. On the other hand, Producer Price Inflation (PPI) is expected to have recorded its eleventh consecutive month of negative readings, although moderating its rate of contraction once again with a -2.9% y/y figure, compared to the -4.4% in July.