LatinNews Daily - 24 June 2022

In brief: Mexico’s central bank announces interest rate hike

* Mexico's central bank (Banxico) has raised its benchmark interest rate by 75 basis points to 7.75% – its ninth consecutive rate hike. All five Banxico board members voted unanimously for the rate increase, the largest hike under the bank’s current regime, in place since 2008. Banxico also revised up its inflation forecast for the end of 2022 to 7.5%, up from 6.4% in its previous (12 May) forecast. This comes as the national statistics institute (Inegi) announced annual inflation stood at 7.88% in the first two weeks of June, well above Banxico’s target range of 3% +/-1. Banxico has indicated that further rates hikes can be expected as it attempts to rein in inflation.

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