LatinNews Daily - 11 February 2022

*Mexico’s central bank (Banxico) has raised its benchmark interest rate by 50 basis points to 6.0%, in another attempt to rein in inflation. This is the sixth consecutive rate hike, following an increase of 50 basis points in December and increases of 25 basis points in November, September, August, and June. Banxico said in a statement that the decision was taken in response to inflationary pressures, after Mexico registered annual inflation of 7.07% in January, well above Banxico’s 3% +/-1 inflation target range for 2022. The report stated that inflation forecasts have been revised up for 2022 and the first quarter of 2023. Banxico forecasts that inflation levels will not return to the 3% target level until late 2023.

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