The consensus forecast of 11 analysts surveyed was for inflation to grow to 7.23% from 7.07% in January. If the prediction is correct, it would be the first increase since November, when inflation hit a 20-year high.
The core rate of inflation, which strips out some volatile food and energy items, was seen accelerating to 6.58%, which would be the highest rate since June 2001.
The Bank of Mexico targets inflation of 3%, with a one percentage point tolerance range above and below that. In February the bank raised its benchmark interest rate by 50 basis points, a sixth consecutive rise, citing inflation.
The central bank’s next monetary policy decision is scheduled for March 24, a week after the United States’ Federal Reserve is expected to hike percentages after years of near-zero rates.
Just in February, Mexican consumer prices are estimated to have increased by 0.78% with the core price index seen advancing 0.74%.
Mexico’s national statistics agency will publish the latest inflation data on Wednesday.
Source: Economy - investing.com
