Mexico’s central bank board agreed unanimously they needed to raise interest rates last month to avoid price risks and to anchor inflation expectations, minutes of the meeting showed on Thursday.
The Banco de Mexico voted 4-0 in its May 18 decision to raise its benchmark rate by 25 basis points to 6.75 percent, its highest level since March 2009, in a move that surprised most analysts.
Board member Roberto del Cueto was not present.
According to the minutes, three of the members thought the balance of risks to inflation had deteriorated moderately since their previous meeting in late March.
Mexico’s annual inflation rate rose more than expected in early May to 6.17 percent, its fastest pace in more than eight years.