*** Combined with a number of other factors, the upswing has contributed to a global price hike. Inflation is driven by rising food and commodity prices. Commodity prices are now almost back at the high level seen before the financial crisis. It looks as if the crisis just led to a short interruption of an upward underlying trend in commodity prices.
The yield curve has shifted downward in tandem with that of the United States. As in many other emerging-market economies, the proportion of nonresidents’ holdings of Mexican government peso securities has remained relatively stable since 2013. This may attenuate concerns about possibly ever-increasing financial risk in the economy.