The Bank of Mexico also revised its inflation forecasts upwards for the following six quarters, ‘considering that inflationary shocks are foreseen to take longer to dissipate’
The Bank of Mexico, as expected, held its benchmark interest rate at 11.00% on Thursday, in a unanimous decision by its governing board, as persistent inflation in Latin America’s second-largest economy remains above the bank’s target range.
The decision came hours after new data from Mexico’s statistics agency showed that annual headline inflation sped up slightly more than expected in April, reaching 4.65%, above the central bank’s target range of 3%, plus or minus one percentage point.
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