MEXICO: To combat rising inflation, the Central Bank of Mexico (Banxico) has hiked its benchmark interest rate for the sixth consecutive time since June 2021.

According to the Xinhua news, the Banxico's Board of Governors decided to boost the overnight interbank interest rate (the rate at which banks borrow from and lend to one another) by 50 basis points to 7.0 percent in its monetary policy statement.

Banxico also boosted its inflation prediction for 2022 from 5.5 percent to 6.4 percent by the end of the year, up from 5.5 percent in March.  The bank explained that global economic activity rose less than projected in the first quarter of the year, but global inflation continued to grow.

Meanwhile, the most current official data show that inflation was about 7.7% year on year in April, the highest level since January 2001.

US federal deficit totals USD 360 billion in first seven months of FY2022,

Xi Jinping urges China, Germany to better utilise stabilising role of their relations

Mexico Govt outlines plan to tackle growing inflation