Annual inflation is seen at 3.20pc for August, according to a median forecast of 12 banks, brokerages and analysts. That would compare to annual inflation of 3.78pc in July.

If August forecast is right, it would mark the lowest level since the 3.06pc inflation rate registered in October 2016.

Monthly inflation in August would have risen 0.02pc, the survey showed, while the forecast for core inflation would be 0.19pc higher.

The average forecast for annual core inflation, which strips out some volatile food and energy prices, is 3.77pc.

Mexico's statistics institute will publish inflation data for August on Monday.