Mexico’s economic expansion should continue into early 2015 but the growth pace is unlikely to accelerate, according to The Conference Board.

The leading economic index for Mexico declined in the past three consecutive months as falling oil prices, higher levels of inventories and devaluation of the Mexican peso continue to drag down the index.

The Conference Board reported its leading economic index for Mexico fell 1.3 percent in October and now stands at 122.9 (2004=100). The leading index fell 0.5 percent in both September and August, based on revised data. However, during the six-month span through October, the index increased 0.5 percent, an improvement from the 1.1 percent decline for the previous six months, according to The Conference Board.

Meanwhile, the coincident economic index for Mexico, a measure of current economic activity, continues on a slightly upward trend. The CEI edged up 0.2 percent in October and now stands at 125.9 (2004=100). Two of the three components that make up The Conference Board coincident economic index for Mexico — the number of people employed and industrial production — rose in October; retail sales remained unchanged.