Mexican annual inflation rises beyond central bank target
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Mexican pesos and U.S. dollar banknote are seen in this picture illustration, November 3, 2016. REUTERS/Edgard Garrido
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MEXICO CITY (Reuters) - Mexico's annual inflation rate rose past the central bank's 3 percent target level in October for the first time in over a year and a half, backing expectations the bank could raise interest rates again.
Mexico's central bank has hiked interest rates three times this year to support a weak peso, possibly driving up inflation.
Mexican central bank chief Agustin Carstens on Wednesday did not announce any emergency measures, and said authorities would wait until their Nov. 17 meeting to decide if further interest rate increases are needed.
The annual reading of the core index, which strips out some volatile food and energy prices, rose 3.10 percent.
(Reporting by Michael O'Boyle; Editing by Jeffrey Benkoe)
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