Mexico annual inflation up more than expected in early July

July 22, 2016

Mexico's annual inflation rate rose faster than expected in early July, driven up by higher gasoline prices, but it was still below the central bank's target.

Inflation in the 12 months through mid-July rose to 2.72 percent MXCPHI=ECI, the national statistics institute said on Friday. That was above a forecast of 2.66 percent in a Reuters poll and the 2.55 percent rate in early June.

Mexico's central bank targets a rate of 3 percent. Despite relatively tame inflation and weak growth, a steep slump in the peso MXN= pushed policymakers to raise . . .

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