POLL-Mexico inflation likely rose above 4% in August to 15-month high

MEXICO CITY, Sept 7 (Reuters) - Mexican annual consumer price inflation likely accelerated above the central bank’s target range in August, pushed up by increases in the cost of goods and some agricultural produce, a Reuters poll showed on Monday.

The median forecast of 16 analysts surveyed was for inflation to reach 4.02%, up from 3.62% in July. That would take the rate to its highest level since May 2019.

Mexico’s central bank, which has cut its benchmark lending rate by 375 basis points since August last year to 4.5%, targets consumer price inflation of 3%, with a one percentage point tolerance band above or below that figure.

Compared with the previous month, prices were expected to have increased 0.38% in August, the poll showed. The core price index, which strips out some volatile elements, was predicted to have risen 0.27% on the month.

The core annual rate of inflation was seen advancing to 3.92%.

Mexico’s national statistics agency is due to publish the latest inflation data on Wednesday morning. (Reporting by Noe Torres and Gabriel Burin; Editing by Leslie Adler)