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Banco de México raised its benchmark rate by 50 basis points, from 5.5% to 6%, as widely expected. The bank cited inflation tied to the Russia-Ukraine war, with March CPI at 7.29% and core CPI at 6.68%.
It also raised its 2022 inflation forecast to 5.8% from 4.9%.
Higher Mexican rates support the peso, which lowers the cost of imported feed ingredients priced in dollars for Mexican buyers. Sustained inflation pressure could also weigh on Mexican feed and meat demand.
forex.comGlobal authorMar 25, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
