February inflation is good news, more data to consider before next meeting By Reuters

By Valentine Hilaire and Noe Torres

MERIDA, Mexico (Reuters) – The Bank of Mexico’s governor Victoria Rodriguez said on Friday that February inflation data is good news, underscoring that there is more upcoming data that will need to be considered before the bank’s next monetary policy decision.

Mexico’s core consumer prices slowed by more than expected to 8.29% in the year to February, data from statistics agency INEGI showed last week, providing some relief as Latin America’s second-largest economy grapples with high inflation and interest rates.

“There is still relevant information that is going to emerge and we will be analyzing it,” Rodriguez told Reuters in an interview on the sidelines of Mexico’s annual banking convention in the southern city of Merida.

Rodriguez, a former deputy finance minister, said Mexico’s banking system is solid, when asked about possible contagion amid the market turmoil unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank (NASDAQ:) over the past week, which have ensnared Credit Suisse Group http://content.reuters.com/auth-server/content/tag:reuters.com,2023:newsml_RC2SVZ9M5NPX:2118276476/tag:reuters.com,2023:binary_RC2SVZ9M5NPX-BASEIMAGE?action=download&mediatype=picture&mex_media_type=picture&token=2akaCR6ZDHLgPfUAPvJxZP1Gy4VXjH0yImvrSv5CoSE%3DAG.