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Mexican inflation hits 7-year high of 6.2 percent

(Agencies)
Updated: 2008-11-25 10:25

MEXICO CITY -- Mexico's inflation has hit a seven-year high of 6.2 percent.

Mexico's President Felipe Calderon, left, is greeted by Peru's President Alan Garcia upon his arrival for the first session of the retreat of leaders of the Asia Pacific Economic Cooperation, APEC, in Lima, Saturday, Nov. 22, 2008. [Agencies]

Mexico's central bank says rising food and utility prices helped drive the increase in the first two weeks of November.

The bank said Monday the inflation figure was the highest since hitting 6.7 in June 2001.

October's inflation was reported at 5.8 percent.

The Bank of Mexico expects inflation to close the year at no higher than 6 percent. Next year's inflation is expected to be 4 percent or lower.

Mexico's economy has been hit hard by the global economic crisis. The peso has lost more than 30 percent of its value since August. It was trading at 13.5 to the dollar on Monday.

Mexico's benchmark IPC index, however, was up more than 5 percent to 19,184.