Mexican inflation is expected to have continued its upward climb in April, reaching heights not seen since January 2001, a Reuters poll showed on Friday, reinforcing forecasts that the central bank will again hike its key interest rate next week.
The median forecast of 11 analysts surveyed was for consumer price inflation to rise 7.72% in the year through April, far above the Bank of Mexico's target of 3%, plus or minus one percentage point.
Annual core inflation, which strips out some volatile food and energy items, was seen at 7.17% in April, also a 21-year high.
By comparison, headline inflation rose 7.45% in the year through March, while core inflation increased 6.78%.
Banxico, as the bank is known, has increased the benchmark interest rate by 250 basis points over its last seven monetary policy meetings to 6.50% as it has struggled to contain rising inflation.
Analysts expect Banxico to hike the key rate by 50 basis points at its next monetary policy meeting on Thursday, tracking the U.S. Federal Reserve's recent rate move.
In April alone, headline consumer prices were seen surging 0.58% and core inflation was forecast to have risen 0.73%, the poll found.
Mexico's government earlier this week announced plans to increase the production of staple foods such as corn, rice and beans as part of a plan agreed with business leaders to control inflation.
The INEGI national statistics institute will publish April inflation figures on Monday.