For sovereign risk premium developments, see, for instance, the 5‐year Credit Default Swaps for countries with a BBB+ rating from Standard & Poor’s, which are Mexico, Poland, Spain, Peru, and Thailand. 9  One important consideration is that recent contained inflation has been supported by unusually low noncore price increases. This phenomenon may prove to be transitory.
Core inflation, on the other hand, has been rising in 2016, basically pulled by the impact of peso depreciation on tradable goods prices, as illustrated by the behavior of merchandise inflation, which lately reached almost 4 percent. It is worth noting, however, that this pass‐through from peso depreciation has been relatively mild.