Mexican inflation was unchanged at 4.7% y/y in the first-half of February and, along with the rebound in the peso over the past month, this could convince the central bank to keep interest rate on hold (at 6.25%) at its next meeting. But, with core price pressures still building, for now, we remain comfortable with our forecast for the policy rate to rise to 7.50% by the end of the year.
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