Mexico’s inflation rises, leading to interest rate hike

MEXICO CITY (AP) — Mexico’s inflation rate rose in January to 7.91%, leading the country’s central bank to boost its principle interest rate to 11%. The Bank of Mexico said inflation was not going down as expected, and was likely to remain high for some time. The bank said Mexico’s inflation rate it is not likely to decline to the official goal of 3% until late 2024 or early 2025. The central bank’s interest rate is at its highest level since 2007. The Mexican peso rose 0.9% against the U.S. dollar Thursday to close at 18.77 to $1.