Mexico unexpectedly hikes rates to 7.5%
The Bank of Mexico decided on Friday to raise its benchmark rate by 25 basis points.
The decision surprised economists, who had expected the central bank to hold rates because of the US economic slowdown.
The central bank acknowledged that the US slowdown could hamper Mexican growth, especially in the manufacturing sector, but said higher-than-anticipated inflation necessitated a rise.
"Inflationary pressure caused by the rise in food prices has affected emerging economies (such as Mexico)," the
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