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(Bloomberg) Mexico’s central bank voted to hold its key interest rate near a five-year low, betting that a price spike that sent the inflation rate to more than double its target will be temporary.Banco de Mexico, led by Governor Alejandro Diaz de Leon, kept borrowing costs at 4% on Thursday, after consumer price increases hit 6.1% in April, far beyond its 3% target. All 24 economists surveyed by Bloomberg predicted the decision, as board members seek to keep injecting crucial stimulus even while prices climb.“In a highly uncertain environment, the risks for inflation, economic activity and financial markets pose major challenges for monetary policy,” the bank’s board wrote in a statement. “Given the recent shocks that have affected inflation, it is necessary for the adjustment in relative prices to take place in an orderly manner so that an impact on price formation and inflation expectations is avoided.”The board also said that while inflat

Mexico cityDistrito federalUnited statesClaudia cejaCarlos capistranGerardo esquivelLopez obradorAndres manuel lopez obradorGabriela sillerInternational monetary fundGrupo financieroAmerica corpGovernor alejandro diaz de leonGovernor gerardo esquivelLatin american central bankers stungFood inflation