(Adds Carstens quotes, background)
MEXICO CITY, Oct 14 (Reuters) - Mexican inflation will converge toward the central bank’s target of 3 percent by the middle of next year despite food price shocks that have pushed up the annual rate, bank governor Agustin Carstens said on Tuesday.
Mexico’s annual inflation rate rose further above the central bank’s 4 percent ceiling in September to a seven-month high, but the rise is expected to be brief, boding for steady borrowing costs ahead.
“We trust that convergence will happen by mid-year,” Carstens told reporters at an event in Mexico city, citing shocks from meat and other fresh food prices that “have been somewhat persistent”.
“In January we should see a pretty substantive change in inflation.” (Reporting by Michael O‘Boyle Editing by W Simon)