The Bank of Mexico It would raise its reference interest rate again in May by half a percentage point due to higher inflation expectations, according to a survey by the financial group Citibanamex released on Wednesday.
The survey shows that 32 of the 34 institutions consulted anticipate that the monetary entity will raise the target rate to 7% from its current level of 6.5%, another expects an increase of 75 basis points and one more believes that the increase will be only a quarter knitted.
Banco de México, which has a permanent inflation target of 3% +/- one percentage point, increased at the end of March the funding rate at 50 basis pointsits third consecutive rise of that magnitude, as part of a cycle of increases that began in June of last year.
Its next monetary policy decision is scheduled for May 12.
The median of the projections for the rate at the end of 2022 increased to 8.25% from an estimated 8.0% in the previous Citibanamex survey.
The survey also showed that participants increased their forecasts for local inflation again this year to 6.38% from 5.98% previously. and reduced to 1.8% from 1.9% those of economic growth.