As long as growth remains robust, households will see no reason to cut back their consumption habits drastically, although temporary minor adjustments cannot be ruled out. Indeed, in a phase of disinflation, as the one expected over the next couple of years with the aim to narrow the inflation differential vis-a-vis the euro area, a small adjustment in consumption trends may take place.
Additionally, an accelerating rise in the producer price index also reveals an impact from peso weakening. 5  See BIS (2014). “Triennial Central Bank Survey of foreign exchange and derivatives market activity in 2013,” detailed tables. 6  See SHCP (2016). Informes sobre la Situación Económica, las Finanzas Públicas y la Deuda Pública, Segundo trimestre de 2016. 7  See BIS (2016).