Mexico's central bank deputy governor Manuel Ramos Francia said on Tuesday that the depreciation of the peso had only had a very small effect on most consumer prices.
"We've had a very small pass-through from the exchange rate to the majority of consumer prices," Ramos Francia said in an interview on local television.
"The Bank of Mexico will act if necessary."
The peso has lost about 10 percent of its value against the dollar so far this year.