Bank of Mexico accelerates tightening cycle

Alejandro Díaz de León

The Bank of Mexico’s board raised policy rates by 50 basis points to 5.5%, on December 16, accelerating the tightening cycle it started in June.

This was the last policy meeting under the leadership of governor Alejandro Díaz de León. Four of the board’s five members voted in favour of the 50bp rate increase. As in previous meetings, Gerardo Esquivel dissented from the majority voting for a more accommodative alternative, a 25bp rate increase.

In November, Mexico’s year-on-year inflation stood

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