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2017-07-26 22:46 EYE ON AFRICA

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Mexico raises interest rate to new high

© AFP/File / by Yussel GONZALEZ | The Bank of Mexico raised the benchmark rate for Latin America's second-biggest economy by a quarter-point to 6.75 percent

MEXICO CITY (AFP) - 

Mexico's central bank raised its key interest rate to a new high on Thursday to curb rising inflation.

The Bank of Mexico raised the benchmark rate for Latin America's second-biggest economy by a quarter-point to 6.75 percent, it said in a statement.

That was the highest since March 2009 when the country was reeling from the global financial crisis.

It said the rise aimed to "temper inflation expectations."

Prices have risen due to a hike in gasoline prices in January that sparked deadly protests.

They were also affected by a weakening of the peso against the dollar earlier this year on jitters over US President Donald Trump's vow to overhaul trade ties with Mexico.

The bank warned that inflation risked rising further, raising the prospect of more hikes.

by Yussel GONZALEZ

© 2017 AFP