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However, global uncertainties due to US President Donald Trump's tariff war, an outflow of foreign investor money and a depreciating currency - which could further weaken if rates come down - have complicated the RBI's task.

“Under the worst-case scenario, the Mexican economy will fall into recession, the currency will depreciate, and inflation will rise,” reads a report released by the economic research firm Moody’s Analytics.

During the last trade war, the country allowed the yuan to depreciate against the U.S. dollar, effectively making Chinese exports to the U.S. cheaper.

A recent report from Moody’s Analytics said that if a victorious Trump enacted new tariffs, the Mexican economy would fall into recession, the currency would depreciate, and inflation would rise.

“Under the worst-case scenario, the Mexican economy will fall into recession, the currency will depreciate, and inflation will rise,” reads a report released this month by the economic research firm Moody’s Analytics.