Mexico consumer confidence dips in February as interest rates rise

MEXICO CITY: Mexico's consumer confidence index dipped in February after adjusting for seasonal factors, falling 0.6 percent from the previous month to 85.0, the national statistics agency said on Tuesday, after a series of central bank rate hikes.

Despite the month-on-month drop, consumer confidence was up 6.4 percent from February 2017, the month after US President Donald Trump took office. His election triggered a crash in the peso currency that helped fuel inflation.

After a series of interest rate hikes to contain price rises, Banco de Mexico raised the key rate by another 25 basis points to 7.50 percent on Feb. 8, the highest since February 2009.

The unadjusted index was 82.0 during the month, down from 84.2 percent in January.