SANTIAGO (Reuters), Chile’s central banking considered raising its benchmark interest rate up to 150 basis point at its last meeting because of persistent inflationary pressures, according to minutes that were made public by the bank Friday.

The central bank finally decided to increase its Monetary Policy Ratio (MPR), by 125 points, to 8.25%. This was more than the market expected.

Options that varied from 100 to 150 basis point were considered by the bank council.

The meeting minutes showed that all directors had agreed on the option of using 125 base points to convey the changes in inflationary scenarios, signaling special concerns for the persistence and continuation of inflation.