MEXICO CITY (Reuters – Mexico’s inflation rate in October was at the high end of its four-year history. Core inflation, however, is now at its highest level since 2009.

There are rising inflation concerns that Banxico the Mexican central banking institution, is likely to raise its key rate next week for the fourth straight time.

The median prediction of 10 analysts polled by Reuters predicted a year on year inflation rate of 6.14% compared with 6% for September.

Their estimate would make it the highest rate of inflation since December 2017 at 6.77%.

The core inflation rate for year-on-year is expected to rise to 5.16 percent, which would be the highest recorded level since May 2009.

Banxico targets an inflation rate of 3% with a threshold of one percent above or below this level.

Banxico, a divided Banxico, increased its key interest rate 25 basis points to 4.755% in September.

The minutes show that the majority of bank board members pointed out that inflation expectations for next year and headline inflation have increased again, while long-term and medium-term inflation expectations remain more stable.

The next Mexican monetary policy decision is set for Thursday. It will be the second-to last for the year.

The poll showed that consumer prices increased by 0.75 percent in September. However, core inflation (which excludes volatile food and energy prices) increased by 0.47%.

The official inflation numbers for Mexico will be published by INEGI, Mexico’s national statistical agency.