Inflation in Mexico continued to rise as the numbers in July surpassed levels from the year 2000. Mexico’s inflation rate increased to 8.15% in July from just under 8% in June. The consumer price index rose 0.74 % in July.
Central banks continually increasing interest rates have been noticed across Europe. The Bank of England made a similar move as it marked its most significant interest rate hike in 27 years, and the European Central Bank increased vital rates for the first time in 11 years.
Inflation in Mexico has risen quicker than many experts had predicted. Record high food prices are the main reason the country is at its highest inflation level in almost 22 years.
The Bank of Mexico is anxiously awaiting to raise interest rates at its meeting on Thursday; it has bumped interest rates nine times, consecutively as local inflation fails to get the Bank closer to its 3% goal.