LatinNews Daily - 25 February 2022

In brief: Mexico’s Banxico warns of low growth, high inflation

*Mexico’s central bank (Banxico) has released the minutes of a meeting of its board of directors which highlight a lowering in the country’s GDP growth forecasts for 2022 and an increase in inflation forecasts for 2022 and 2023. Banxico has forecast GDP growth of 2.27% in 2022 and inflation of 4% at the end of 2022 and 3.1% by the end of 2023. The Organisation for Economic Co-operation and Development (OECD), Spanish-owned BBVA bank and the International Monetary Fund (IMF) are among those to have recently lowered 2022 growth forecasts for Mexico to 2.3%, 2.2% and 2.8% respectively. The minutes were published on the same day as Mexico’s national statistics institute (Inegi) released its latest figures on the national consumer price index (INPC) which showed that inflation rose 0.42% in the first two weeks of February. This brings the annual rate to 7.22%, far above the 3% inflation target figure set by Banxico.

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