Mexican central bank holds rates again

Board says inflation should fall to 3% target in medium term despite recent rises

The Bank of Mexico
The Bank of Mexico
Daniel Hinge

The Bank of Mexico (Banxico) held its policy rate at 11.25% for the seventh consecutive meeting on February 8, despite recent rises in inflation. 

The central bank’s five-member policy board voted to unanimously keep the overbank interest rate at the same level it has been at since March 2023. Year-on-year inflation rose for the fourth consecutive month in January, to 4.88%. 

The board raised its short-term headline inflation forecast, but its statement said this was mainly due to “supply shocks

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