Inflation has made the news once again in Mexico, as the purchasing power of the Mexican currency doubled the central bank’s inflation forecasts. The effects of the peso’s depreciation in 2015 and 2016 are being transmitted to consumer prices. Banxico responded to the normalization of the Fed’s monetary policy in December 2015 by increasing the Interbank Interest Rate. Since then, Banxico has increased the rate ten times, and has yet to lower inflation. Has the rate increase worked? Or has it been too modest?