MEXICO CITY, (Reuters) – Mexico’s year on-year inflation continued to rise in February, after cooling slightly over two months. A Reuters poll revealed Friday that Mexico’s annual rate of inflation rose by 2%. This confirms expectations that Mexico’s central bank will keep raising its key interest rates.

One analyst surveyed predicted that inflation would increase to 7.23%, compared to January’s reading of 7.07%. This would represent the first inflation increase since November’s 20-year peak.

Inflation core, which excludes some volatile items such as food, was seen to accelerate to 6.58%. It would have been the highest rate since June 2001.

With a tolerance of one point above or below that, the Bank of Mexico aims to inflate at 3%. The benchmark interest rate was raised by 50 basis points in February, the sixth consecutive increase, due to inflation.

A week following the US Federal Reserve’s expected increase in percentages, which has been going on for years at near zero rates, March 24 will be the next monetary policy announcement by the central bank.

Mexican consumer prices rose by 0.78% in February. The core price index saw a 0.74% increase.

On Wednesday, the Mexican National Statistics Agency will release the most recent inflation data.