The Board of Governors of Banxico decided, by a majority of 4 to 1, to increase the target for the overnight interbank interest rate by 50 basis points to a level of 10.50%, effective as of December 16, 2022.
This is the thirteenth consecutive increase in the reference rate, seeking to contain a inflation which in November stood at 7.8% at 12 months, a number above the target of the Mexican central bank of 3% +/- one percentage point.
“With this action, the posture of monetary politics adjusts to the trajectory required for inflation to converge to its target of 3%,” the monetary authority said in a statement.
Around the world rates continue to rise to levels not seen in decades due to the wave of accelerated inflation that has caused higher prices of food and energy mainly.
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