In Mexico, inflation triggers interest rate hike
Fox News
Mexico's reported January inflation rate of 7.91% led the Central American nation's central bank to raise its principle interest rate to 11%.
The Bank of Mexico said inflation was not going down as expected, and was likely to remain high for some time. The bank said Mexico’s inflation rate is not likely to decline to the official goal of 3% until late 2024 or early 2025.
The bank said underlying inflation showed a "surprising" increase to 8.45%. Food products experienced an annualized inflation of 14%, threatening to erase much of the annual 20% increase in minimum wages announced for 2023.
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