Mexico holds rates at 7.5%

The Bank of Mexico kept its benchmark one-day interbank rate at 7.5% for the sixth-straight month despite expectations that the US slowdown would impact Mexican growth.

The central bank said that it was very probable that the US, Mexico's main trading partner, was now in recession and that the downside risks to Mexican growth had now risen as a result.

However, costs for food and raw materials had risen much faster than had been expected and were now feeding through into prices for other good

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