Hike rates to 6.5% from 6.25%
- Growth outlook improved at margin since last meeting
- core CPI rising due to accumulating MXN pass-through
- Surveys continue showing expectations for CPI to slow
- downside CPI risk is energy prices falling with international price
- long-term inflation expectations remain near 3.5%
- CPI to be affected this year by peso depreciation
- CPI to be affected this year by fuel price liberalization
- CPI forecast above 4% for most of year
- CPI to slow to near 3% by end of 2018
- doesn't see CPI pressures from aggregate demand