Mexico’s central bank raised its benchmark interest rate by 50 basis points to 6.0% on Thursday, as expected. It was the sixth consecutive increase in borrowing costs by the central bank as it tries to contain price pressures amid high inflation.

Four members of the Bank of Mexico’s board, including new central bank governor Victoria Rodriguez, voted in favor of raising the rate by half a percentage point and one in favor of a quarter percentage point increase.

Mexico’s central bank said inflationary pressures are stronger and lasting longer than expected, adding that forecasts for overall and core inflation have been revised upward, especially for 2022 and the first quarter of 2023.

Mexico’s core inflation in January rose to its highest since 2001, and overall inflation – even after falling to 7.07% – is well above the regulator’s target of 3%, according to official data released Wednesday.