Mexico's central bank warned that a recently announced minimum wage hike co...
MEXICO CITY - Mexico’s central bank warned that a recently announced minimum wage hike could fan inflation, according to minutes of the Dec. 19 monetary policy meeting published on Thursday.
President Andres Manuel Lopez Obrador’s government last month agreed to raise the daily minimum wage by 20%, the biggest wage hike in the last four and half decades and the second consecutive major increase in as many years. Inflation in the year through the first half of December rose 2.63%, well below the central bank’s target. It was the lowest first-half month inflation reading since the end of 2015
“The economic juncture in which the decision was taken was probably one of the last favorable opportunities in this cycle to make a more decisive monetary policy adjustment,” Esquivel said, according to the minutes.
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