Exhibit 1. Absolute values (ml/capita/day) of counterfactuals (predicted in the absence of the tax) and post-tax volumes of taxed beverages.

Source: Authors' own analyses and calculations based on data from Nielsen though its Mexico Consumer Panel Service (CPS) for the food and beverage categories for January 2012–December 2015 (The Nielsen Company, 2016). Nielsen is not responsible for and had no role in preparing the results reported herein.

Notes: Models adjusted for household size and composition, seasonality, education of the head of the household, household socioeconomic status and macroeconomic variables. Monthly counterfactual estimated based on pre-tax trends.

Differences in absolute values comparing the post-tax periods with the counterfactuals were all statistically significant at p<0.01.