Mexico’s annual inflation fell below the central bank’s 3% target in November, according to official figures released on Monday, adding to expectations that the bank will cut rates further.
The national consumer price index rose 2.97% in the year through November, according to the national statistics institute, INEGI. The rate fell below the estimates of analysts in a Reuters poll and the 3.02% recorded in October.
Lower pressure on the prices of some agricultural products contributed to the decline in inflation.
The core index, which strips out some volatile food and energy prices, rose 0.22% percent during the month.
Consumer prices MXINFL=ECI rose 0.81 percent in November, according to non-seasonally adjusted figures.
The same month, the central bank voted to cut borrowing costs for the third meeting in a row, lowering its key interest rate by 25 basis points to 7.50%.