Prices in Mexico dropped by just over one percent in April compared to March while inter-annual inflation dropped to its lowest rate in more than four years, the national statistics institute said on Thursday. The biggest price drops have come in the petrol and electricity sectors that are down more than 8.5 percent on the previous month, the INEGI institute said. However, eggs, beer and chilies have all risen in price. Yearly inflation of 2.15 percent was the lowest since December 2015 when that figure dropped to 2.13 percent. In April 2019, yearly inflation stood at 4.41 percent, according to the INEGI, while monthly inflation was at 0.05 percent. Mexico's slowdown comes with the country under a lockdown that was imposed on March 23 in a bid to slow the spread of the coronavirus pandemic. The central bank maintains a target of 3.0 percent for annual inflation with a range of 1.0 percent, meaning the current figure is within that range. Mexico's economy shrank 2.4 percent in the first quarter of 2020 compared to the same period last year. Latin America's second largest economy after Brazil is expected to contract by 7.1 percent this year. The central bank has cut its benchmark interest rate to 6.0 percent a week ago in a bid to arrest the slide. jla/piz/bc/jm