ISTANBUL

Mexico's annual consumer inflation rose to 7.91% in January, according to figures released on Thursday by the national statistics agency INEGI.

The figure exceeded market expectations of a 7.89% rise, while it gained pace from December's 7.82% annual increase.

On a monthly basis, consumer prices rose 0.68% in January.

That figure was also higher than market estimates of a 0.64% gain, and it was sharply up from the monthly increase of 0.38% in December.

The Bank of Mexico hiked its key interest rate by 50 basis points last month to a record high of 10.5%, which followed four consecutive rate hikes of 75 basis points.