Mexico’s mid-month inflation reading of 8.5% y/y in October was a bit weaker than expected and, while core inflation edged up again, this was mainly driven by food products. With the Fed still in a hawkish mood, we still think Banxico will press ahead with another 75bp hike to interest rates, to 10.00%, in November. But these latest figures suggest that the end of the tightening cycle is not too far away.
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