Mexico’s year-on-year inflation rate fell in December, raising the possibility that the central bank could resume cutting interest rates this year.

Another official nominated by president Andrés Manuel López Obrador will join the central bank’s five-member rate-setting body at its next meeting. This may also strengthen the hands of monetary policy doves, observers say.

Official statistics agency Inegi said year-on-year inflation was 3.15% in December, down from 3.3% in November. The Bank of

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