Bank of Mexico’s battle to restore price stability

Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation

The Bank of Mexico has accelerated the policy tightening it started in June 2021, after its previous gradual approach failed to sufficiently tame inflationary pressures. The US Federal Reserve’s relatively sharp policy tightening added an extra reason to act to prevent capital outflows and a weaker exchange rate vis-à-vis the US dollar. Against this backdrop, the executive board has increased the policy rate by 200 basis points from May 2022 to 8.5%.

In July, year-on-year headline inflation

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