MEXICO CITY, Oct. 4 (Xinhua) -- Consumer confidence in Mexico increased 14 percent year-on-year in September due to the population's optimism about the economy, the National Institute of Statistics and Geography (Inegi) said Thursday.
The Consumer Confidence Index (ICC) was at 101.7 units in September compared to the 89.2 points in the same month of 2017, according to historical data from Inegi.
The ICC has grown by double digits since July following the election of Andres Manuel Lopez Obrador as the next president. He will take office on Dec. 1.
The subindex showing the possibility of consumers acquiring durable goods also increased at an annual 6.6 percent in September, registering 94.4 points.
The ICC, collected by the Inegi jointly with the Central Bank of Mexico (Banxico), is the result of an inquiry among the population of 32 cities in the country.
In a note to its clients, financial group Banorte said consumer confidence could remain elevated moving forward due to an improvement in economic activity and a slowdown in inflation.
"Confidence will remain above the average for the long-term, in a context of positive signs of the rhythm of economic activity and the strong momentum in the United States," it said.
Mexico's economy is the second largest in Latin America behind Brazil. It is forecast to grow 2 to 2.6 percent this year, according to recent estimates by Banxico. In 2017, the gross domestic product grew 2 percent.
