Mexico’s central bank’s five-member board has agreed to monitor prices, but their August meeting minutes will be disclosed.

Citi analysts expect rates to decline in December, and Banxico is the last major central bank in the area to loosen monetary policy.

The bank is more hawkish than Latin American policymakers like Chile and Brazil, who have lowered borrowing prices.

Some analysts believe the bank will gradually change monetary policy, starting with cautious cutbacks rather than a normalization cycle.