Mexico’s annual inflation rate rose to 7.99% in June from 7.65% in May, the highest reading since 2001. Core inflation, which excludes items such as fuel, rose to 7.49% in June from 7.28% in May. Inflation continued surging despite the central bank’s nine straight interest rate hikes totaling 375bps since June 2021. Last month, the central bank raised its benchmark interest rate by 75bps to 7.75%, the biggest increase since 2008.