MEXICO CITY (Reuters – Mexico’s central banks will increase its benchmark interest rate next week for the 7th consecutive time. This follows the U.S. Federal Reserve following inflation rising, according to a Reuters poll.

The survey revealed that 24 of 26 respondents expected the Bank of Mexico (also known as Banxico) to increase its key rate 50 basis points to 6.500%. A participant predicted that the central bank would raise the rate only by 25 basis points, while another forecasted a 75 percent increase.

The conditions are right for tightening. Grupo Financiero Bankorte wrote in an analytic note, “The Russian invasion of Ukraine has had adverse effects on inflation and financial condition in a context that is facing both challenges on both sides.” The February headline inflation rate in Mexico was higher than expected, and it again rose well above the official goal of 3%.

This is the inflation that excludes certain volatile items. It reached its highest levels in twenty years. On Monday, Jerome Powell (the Fed chair) stated that rates were up by quarter of a point. The central bank will continue to act aggressively as necessary in order to curb inflation. Mexico’s central banks has raised the key rate 200 basis points in six of its previous meetings to its current level at 6%. The second statement of its monetary policy will be published on Thursday, 19:00 GMT.