Mexico's inflation up more than expected ahead of central bank meeting

Mexico's inflation rose by more than expected in early June, official national statistics agency figures showed on Thursday, ahead of a meeting at which the central bank is expected to raise interest rates again.

Consumer prices rose 0.49% during the first half of June, statistics agency INEGI said, against a forecast of 0.31% in a Reuters poll of economists. Inflation in the year through mid-June hit 7.88%, against an expected 7.7% rise, accelerating from the 7.58% seen in the previous month and still well above the central bank's target of 3%, plus or minus one percentage point.

The Bank of Mexico is scheduled to hold a monetary policy meeting later on Thursday, with analysts polled by Reuters expecting it to raise interest rates by a record 75 basis points to 7.75%.