The Bank of Mexico (Banxico) raised the interest rate to 8.5% this Thursday, which represents the tenth consecutive increase and the second of 75 basis points in the face of the highest inflation of the last two decades in the country.

“The Governing Board evaluated the magnitude and diversity of the shocks that have affected inflation and its determinants, as well as the evolution of medium- and long-term expectations and the price formation process,” the central bank said in the ad.

The five members of the board, who unanimously approved the increase, also considered “the greatest challenges for conducting monetary policy.”

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