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Bank of Mexico Ups Interest Rate on Inflation Rise

Mexico News Daily
go to original
May 19, 2017

The Mexican peso has been on a tear vs. the US dollar (Getty Images)

Update: Mexico Funds Draw Investors as Central Bank Hikes Rates (Barrons)

Despite a stronger peso in recent weeks, inflation continues to show an upward trend that is expected to continue through the year, the Bank of México said this week when it announced a quarter-point hike in its benchmark interest rate.

The sixth consecutive increase, the third this year, bumped the rate to 6.75% and follows an increase in the inflation rate to nearly 6% last month. That was more than any analyst had expected, Bloomberg reported, and well over the central bank’s target of 3%.

The peso dipped to a record low in January but has since risen 17%. It was trading at 18.7995 to the dollar in New York after the interest rate announcement.

The bank expects a lower inflation rate towards the end of the year and into 2018. The rate increase came as a surprise. Most analysts expected the rate to remain unchanged.

See the original at Mexico News Daily

Related: Mexico Central Bank Unexpectedly Hikes Rates; Door Open to Further Hikes (Reuters)

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