Mexico’s federal government collected a record nominal amount of tax revenue in the first five months of 2026, yet the haul shrank in real terms, marking the first such decline for the period in more than a decade.
The Servicio de Administración Tributaria (SAT) reported total collections of approximately 2.48 trillion pesos ($142 billion) between January and May.
While the headline figure represents a nominal increase compared to the prior year, high inflation has outpaced revenue growth, reducing the government's actual purchasing power and fiscal capacity.
The divergence between nominal and real tax growth highlights the pressure on public finances as the cost of living rises.
Although the government is collecting more pesos, the value of those pesos is diminishing faster than the revenue stream is expanding.
This dynamic constrains the state's ability to fund new initiatives or maintain existing spending levels without resorting to additional borrowing or spending cuts.