According to a Reuters poll on Monday, all 20 analysts surveyed expect the Bank of Mexico, known as Banxico, to hike its benchmark interest rate by 25 basis points on Thursday, but at a more moderate pace due to inflation showing signs of cooling. This would mark the 15th consecutive rate hike by Banxico, raising the key rate to 11.25%.
In February, the central bank increased the key rate by 50 basis points to 11.00%, which was unexpected by the market, citing a complex inflation scenario. However, Banxico hinted that future rate hikes could be smaller, indicating that its rate-hiking cycle was not over. Since June 2021, Banxico has raised its key interest rate by 700 basis points to combat inflation.
On Thursday, official data showed that Mexican consumer prices rose less than expected in early March, with annual headline inflation at 7.12%, down from 7.48% in the second half of February. This has led to speculation that Banxico may slow the pace of its rate hikes.
The decision by Banxico comes after the U.S. Federal Reserve raised interest rates by a quarter of a percentage point last week. However, the Fed indicated that it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets caused by the collapse of two U.S. banks.
Trending News on PVDN
Two More Puerto Vallarta Beaches Are Awarded Blue Flags Puerto Vallarta (PVDN) - In the upcoming 2023-2024 season, Puerto Vallarta is set to host six beaches awarded with the Blue Flag accreditation, an esteemed international recognition for high environmental and quality standards. The Blue Flag committee has reconfirmed the status for four previously certified beaches while conferring this prestigious title to two new beaches…
Popocatépetl Volcano Resumes Activity; Authorities Maintain Alert Status PUERTO VALLARTA (PVDN) - After a period of relative calm last week, Mexico's Popocatépetl volcano resumed minor activity on Friday night and through Saturday night, as reported by the National Civil Protection Coordination (CNPC). This comes following significant explosions last weekend that put nearby communities on high alert. The resumed activity was characterized by minor…
Puerto Vallarta Set to Celebrate 105th Anniversary as Municipality and 55th as a City with Grand Festivities PUERTO VALLARTA - The coastal paradise of Puerto Vallarta is poised to celebrate two landmark anniversaries: the 105th anniversary of its recognition as a municipality and the 55th anniversary of its elevation to city status, with a grand commemoration on May 31, 2023. The celebrations have been meticulously planned by the municipal government led by…
Tactical Groups Are Added to the Streets and Beaches of Puerto Vallarta Puerto Vallarta (PVDN) - As a component of the safety strategies initiated at the Citizen Security Police Station, members from the Tactical Operations Group (GOT) have been bolstering street patrols all over Puerto Vallarta. Following directives from Commissioner Rigoberto Flores Parra and Mayor Luis Alberto Michel Rodríguez, these officers ensure a visible and protective presence…
‘Kingdoms of Mexico’ Distinction Launches to Boost Tourist Destinations With European Influences Puerto Vallarta (PVDN) - Miguel Torruco Marqués, the head of the Ministry of Tourism (Sectur), introduced the new 'Kingdoms of Mexico' distinction, a major initiative designed to enhance the appeal of Mexico's tourist communities on an international level. The announcement came during a presentation attended by the governors of Tlaxcala, Lorena Cuéllar Cisneros; Baja California,…
Mothers Searching For Their Missing Children Uncover Presumed Clandesant Grave in Puerto Vallarta PUERTO VALLARTA (PVDN) - A team of mothers seeking their missing children made a chilling discovery on the outskirts of Puerto Vallarta Saturday afternoon: a skeleton, fragments of bones, and several indications pointing towards a potential site of illegal body disposal. The area of discovery, located near the road to Viejo el Veladero, close to…
American Tourist In Critical Condition in Puerto Vallarta After Wave Breaks His Neck Puerto Vallarta (PVDN) - "Experiencing your sibling in critical care, confessing your love to him, anticipating the worst... it's a nightmare no one should have to endure," shared Adam Griffis. Adam's younger brother, Evan, is struggling for survival in a medical facility located in Puerto Vallarta. The 30-year-old experienced a freak accident while swimming last…
Trans Fats Ban in Mexico Will Prohibit the Sale of Cookies, Chips, Pizzas, and More in September Puerto Vallarta (PVDN) - The Chamber of Deputies in Mexico has taken a critical step in the battle against heart disease, approving a decree that reforms the General Health Law to restrict the use of trans fats and oils. The move is predicted to save more than 13,000 lives per year, with these substances currently…
Volcanic eruptions in Mexico and the dangers of fetishizing natural disasters Ash from the volcano has been falling heavily for a few weeks now, but Sunday was much worse. Nevertheless, many people still had to work outside all day, despite the hazards. The fish and vegetable street vendors were working, a woman was pacing up and down my street selling flower bouquets, the pizza and taco…
LGBTIQ+ Community Member Disappears At Puerto Vallarta Pride PUERTO VALLARTA - A member of the local LGBTIQ+ community has gone missing under mysterious circumstances, inciting deep concern within the community and calls for immediate action from local authorities. Rubén Michel Castro Guizar, 32, a deaf individual, was last seen on the night of Thursday, May 25th, attending the Vallarta Pride march. His disappearance…
