Mexico: Citing an increase in core inflation, the Bank of Mexico’s board unanimously decided to add 50 basis points to the policy rate at its February 9 meeting, to 11%.

Although analysts had widely expected the central bank to raise rates, the increase was larger than expected.

Policy-makers said further rate hikes were likely. However, given the increases already undertaken, the central bank suggested the next “upward adjustment to the reference rate could be of lower magnitude”.

The board