In its quarterly inflation report, the bank also cut its forecast for 2023, estimating the country's gross domestic product (GDP) will expand 2.4 percent, down from 2.9 percent.
"The revisions for both years reflect both external and internal factors," the bank said in its report for the first quarter (January-March).
Disruptions persist in global supply chains, and strong inflationary pressures have led to more restrictive monetary stances, both globally and in Mexico, the bank said.
Those factors have led to a deterioration in the growth prospects of the global economy, it added.
Regarding inflation, the bank estimates inflation will reach 6.4 percent at the end of 2022, slowing down to 3.2 percent at the end of 2023, in line with its 3 percent target.
Mexico ended 2021 with annual inflation of 7.36 percent, its highest level in more than two decades, due to the effects of the COVID-19 pandemic.
The Mexican economy, the second largest in Latin America after Brazil, shrank by 8.2 percent in 2020, its worst performance since the 1930s, but rebounded 4.8 percent in 2021, according to official figures.
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