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Almost or nearly there. It comes from the word "Mero", which actually means "exact", or "precise" or "something that is exactly what's advertised with no particular characteristics or details". "Merito" is a diminutive playful version.
Literal Translation:
Already
Level of Use:
common
Region:
Everywhere
Examples
We're almost there
I am the real deal
The exact ranchero flavour. (refers to a famous old advertisement for "Rancheritos")