Editor’s note: Is the peso approaching fair value? The October MND Peso Index™ puts Mexico’s currency just 0.7% below its estimated value against the U.S. dollar—the first undervaluation reading since the index launched in May. Comparing prices for 20 goods and services in Mexico and Dallas, this edition examines how a weaker peso shifted the picture from September’s 5.8% overvaluation. With the exchange rate close to the index’s purchasing-power benchmark on Oct. 6, we explore what the numbers reveal about relative prices—and why the rate on your screen is only part of the story.