Banco de México, which has a permanent inflation target of 3% +/- one percentage point, has raised the benchmark rate by 375 basis points in its last nine monetary policy meetings, to its current level of 7.75%.
Its next decision is scheduled for Thursday and the market anticipates a further increase of 75 basis points. The rate would close 2022 at 9.5%, according to forecasts.
For subjacent inflation, considered a better parameter to measure the trajectory of prices because it eliminates high volatility products, the survey anticipates a rate of 7.60%, also the highest since December 2000.
Only in July, prices would have increased by 0.72%, while for the core index the median of the projections was 0.58%.
The National Institute of Statistics will disclose on Tuesday the behavior of the consumer price index during the seventh month of the year.
At year-on-year rate, inflation reached 8.16% during the first half of July as reported by the National Institute of Statistics and Geography (Inegi), its highest level since January 2021.
With information from Reuters.
