Mexico’s Central Bank Raises Interest Rate to 4.75 Percent Over Inflation Concern

The facade of the Bank of Mexico building is pictured in downtown Mexico City, Mexico on Feb. 28, 2019. Daniel Becerril/Reuters

The Bank of Mexico raised the benchmark interest rate by one-quarter percent to 4.75 percent in a 4:1 split vote on Thursday over short-term inflation concerns.

The central bank of the second-largest Latin American economy, also known as Banxico, revised upward the inflation in the latest inflation forecasts because of “global inflationary pressures and bottlenecks in production.”