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By THE PULSE NEWS MEXICO STAFF

Mexico’s soaring inflation rate hit a 21-year high in April, with consumer prices reaching an increase of 7.68 percent for the year, and 54 percent for that month alone, the National Institute of Statistics and Geography (Inegi) reported Monday, May 9.

The Central Bank of Mexico (Banxico), which is expected to hike its benchmark interest rates again this week in response to spiraling prices, has a target inflation rate of 3 percent for 2022.

Banxico has already increased its benchmark rate by 250 basis points over its last seven monetary policy meetings, to 6.50 percent.

It is now expected to increase the rate by an additional 50 basis points to 7.0 percent.

After hearing the Banxico report on Monday, Mexican President Andrés Manuel López Obrador said that he expected inflation to begin slowing by the end of the year.