Mexico’s annual inflation accelerated more than expected early this month in a report that likely won’t deter central bankers from cutting the interest rate again in June given the economy also posted weak growth.

The Bank of Mexico reduced its benchmark interest rate by 50 basis points to 8.50%, citing inflation within target and economic uncertainty. This decision, which was unanimous and anticipated by analysts,

Mexico's headline inflation rose more than expected in the first half of May, data from the national statistics agency showed on Thursday, jumping outside the central bank's target range for the first time this year.