MNI BRIEF: All Members Agree On Inflation Improvement -Banxico
MNI (MEXICO CITY) - All members of the Central Bank of Mexico's board agreed that there has been significant progress in resolving the inflationary episode derived from the shocks of the pandemic and the war in Ukraine, according to minutes of the last meeting released Thursday.
"Most members pointed out that the behavior of core inflation reflects the progress attained. They commented that the inflationary outlook seems more favorable than in the most critical moments of the inflationary episode," the document said.
Since the last monetary policy meeting, headline inflation decreased to 3.69% in the first fortnight of January 2025, the minutes highlighted.
Banxico accelerated the pace of interest rate cuts at its February meeting, reducing its overnight interbank benchmark by 50 basis points to 9.50%, and signaled similar cuts at upcoming meetings, with Deputy Governor Jonathan Heath voting in favor of a smaller 25bp cut. His arguments were not published in the minutes, even though dissent votes are usually accompanied by an explanation in the document.