Mexicans spent more than 120 billion pesos at retail stores in January, a large trade association reported Monday.

The National Association of Self-Service and Department Stores (ANTAD) said that sales at its member businesses – among which are the supermarkets Soriana and Chedraui, the department store Liverpool and the 7-Eleven convenience store chain – totaled 121.6 billion pesos (US $6.5 billion) last month.

The figure, which accounts for sales at over 47,000 individual stores, is 13.8% higher than that recorded in January 2022. It includes sales at businesses that were not ANTAD members a year ago.

Marisol Huerta, an analyst with the financial group Ve por Más, said that the retail data is “positive,” but noted that high inflation – 7.91% in annual terms in January – was a factor in the total outlay. Still, “in general it was a positive month,” she said.

Inflation has remained stubbornly high in Mexico despite successive interest rate hikes and efforts by the federal government to put downward pressure on prices.

The central bank last week lifted its benchmark interest rate by 50 basis points to a new record high of 11% after both headline and core inflation rose in January.

The publication of the retail data comes after the national statistics agency INEGI reported that the Mexican economy grew 3% in 2022 and that consumer confidence increased in January.

With reports from EFE and El Financiero