the logo of mexicos central bank banco de mexico is seen at its building in downtown mexico city mexico august 9 2022 reutershenry romerofile photo mexico city aug 25 reuters  minutes from mexicos central bank aug 11 monetary policy meeting published thursday underscored the possibility of interest rate hikes at future meetings at tobedetermined magnitudes banxico as mexicos central bank is known raised the countrys benchmark interest rate by 75 basis points at the august meeting in an effort to slow rising inflation it has increased rates by a total of 450 basis points over its last 10 monetary policy meetings the board added that it will assess the magnitude of the upward adjustments in the reference rate for its next policy decisions based on the prevailing conditions the minutes said at the meeting board members said expectations for 2022 headline and core inflation rose again data from mexicos statistics agency showed wednesday that annual headline inflation rose to 862 in the first half of august far above banxicos target of 3 plus or minus one percentage point read more while bank members added that consumption continued to recover during the mayjune period an uncertain environment for economic recovery prevails most board members projected inflation would not converge to the banks 3 target until the first quarter of 2024 reporting by brendan oboyle and anthony esposito editing by chizu nomiyama