LatinNews Daily - 23 June 2023

In brief: Mexico’s Banxico holds interest rates again

* Mexico’s central bank (Banxico) has announced that it is holding its benchmark interest rate at 11.25% for the second consecutive occasion. On 18 May, Banxico broke a rate-hiking cycle of almost two years by holding the rate following a run of 15 consecutive increases starting in June 2021. The bank has since indicated that it intends to maintain the rate at its current level for a prolonged period in order to reduce inflation to the target of 3%. The announcement comes as Mexico’s national statistics institute (Inegi) has released the latest figures for the consumer price index (INPC), which shows that prices rose by 0.02% in the first two weeks of June as compared to the previous two weeks. This brings annual inflation to 5.18%.

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