LatinNews Daily - 08 July 2022

In brief: Inflation continues to rise in Mexico

*Mexico’s national statistics institute (Inegi) has released its latest figures on the national consumer price index (INPC) which show that monthly inflation in June was 0.84%. Annual inflation stood at 7.99%, an increase on the 7.65% annual rate registered in May. In a statement, Inegi said that the prices of agricultural products had increased 1.76%, whereas those of energy and government-authorised tariffs had risen 0.49% at a monthly rate. This comes as Mexico’s central bank (Banxico) promises to act “with force” to rein in inflation, saying it intends to raise interest rates further if necessary. Banxico announced a ninth consecutive interest rate hike on 23 June, bringing its benchmark interest rate to 7.75%.

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