The efforts of structural reform carried out in Mexico in recent years are clearly an important factor behind this result. As noted previously, general inflation has shown a favorable performance. It stands at 2.97 percent as of September of this year, thus accumulating 17 months below the 3 percent target, including 8 consecutive historical minima in 2015.
The importance of these results is underlined when it is taken into consideration that since early September 2014 the peso has depreciated by some 45 percent with respect to the U.S. dollar. Although depreciation of the exchange rate has had some effect on inflation, so far, the pass-through has 3  been concentrated on the prices of merchandise, with no second round effects.