ISTANBUL

Mexico's annual consumer inflation came in at 7.62% in February, slowing down from the previous month, according to figures released Thursday by national statistics agency INEGI.

The figure came lower than market expectations of a 7.68% increase, while it slowed its pace from January's 7.91% annual gain.

On a monthly basis, consumer prices rose 0.56% in January.

That figure was also lower than market estimates of a 0.61% gain, and it was a slowdown from the monthly increase of 0.68% in January.

The Bank of Mexico hiked its key interest rate by 50 basis points on Feb. 9 to a record high of 11% -- its 14th straight rate increase since mid-2021.