MEXICO CITY (Reuters) – Mexican annual inflation accelerated quicker than anticipated in November to its highest stage in over twenty years, official information confirmed on Thursday, reinforcing bets the central financial institution will increase its benchmark rate of interest once more when it meets subsequent week.

Figures from nationwide statistics company INEGI confirmed inflation in Latin America’s No. 2 economic system jumped to 7.37% final month from 6.24% in October. That in contrast with the consensus forecast of a Reuters ballot for 7.22%.

The November determine took inflation to its highest stage since January 2001.

The core fee of inflation, which strips out some risky gadgets, reached 5.67%.

The Financial institution of Mexico (Banxico) final month raised its benchmark rate of interest by 25 foundation factors to five%, the fourth consecutive hike. It additionally revised up its expectations for Mexican inflation on the shut of this 12 months.

Banxico’s closing financial coverage assembly for the 12 months is due on Dec. 16. The financial institution targets inflation of three%, with a one share level tolerance vary above and under that.

Earlier this week, Irene Espinosa, a member of the central financial institution’s board, stated Banxico’s financial coverage stance continues to be accommodative and that it ought to reply forcefully to anchor inflation expectations.

Month-on-month, Mexican shopper costs elevated by 1.14% in November, the INEGI information confirmed. In the meantime, the core index of costs rose by 0.37% from October.