MEXICO CITY, (Reuters) – Mexican annual inflation increased in February, likely after slowing over the last eight weeks. A Reuters poll on Monday showed that Mexican central banks were expected to continue increasing rates, in line with U.S. Federal Reserve policy.

According to 12 survey analysts, the consensus prediction was that inflation will rise to 7.17%, from 7.01% late in January. It would mark the first rise since November when inflation reached a 20 year high.

Core inflation (which excludes volatile foods and energy) was seen increasing to 6.46 percent, the highest level since August 2001.

The Bank of Mexico aims to achieve inflation of 3% with a 1 percentage point tolerance between above and below. Inflation was the reason the Bank of Mexico raised the benchmark interest rate six times in succession earlier this month.

The Federal Reserve will make its next monetary policy announcement on March 24, one week after it is anticipated that the United States Federal Reserve will raise interest rates following years of sitting at near zero.

The Mexican consumer price index is up 0.35% in February compared to February 2013.

The latest inflation data will be published by Mexico’s National Statistics Agency on Thursday morning.