Photo: Newstalk

By THE PULSE NEWS MEXICO STAFF

Mexico’s spiraling inflation rate will reach 7 percent by the end of the year, according  a consensus of private analysts consulted by Citibanamex.

This figure would represent an increase of 30 points compared to a survey carried out by the firm a fortnight ago, when those same analysts estimated that inflation would close this year at 6.7 percent.

In November, inflation is expected to reach 6.95 percent, compared to 6.24 percent in October.

Recently, the deputy governor of Mexico’s Central Bank (Banxico), Jonathan Heath, predicted that inflation would close this year above 7 percent.

At the start of the year, Citibanamex predicted that Mexico would only register a 5 percent interest rate in 2021.