Mexico’s inflation rate hits 4.53%

Rising food and energy prices boosted Mexico’s inflation rate to an annualized rate of 4.53% in the first half of this month, its highest level in nearly three years, the Bank of Mexico said.

The increase was greater than analysts had predicted and is well beyond the 3%-to-3.5% target that the nation’s central bank would like to maintain. Nagging inflation fears make it unlikely that the bank would trim interest rates to bolster the economy amid a global slowdown.