Inflation in the 12 months through mid-December slowed to 2 percent.
The Mexican central bank governor said an expected acceleration in the U.S. economy should fuel a pick-up in Mexican exports.
he central bank said it was raising interest rates even though inflation was at a record low because the Fed had hiked by a quarter percentage point.
Inflation in the 12 months through November cooled to 2.21 percent.
Inflation in the 12 months through mid-November slowed to to 2.27 percent from 2.49 percent in the year-long period through the second half of October.
Inflation in the 12 months through mid-October fell to 2.47 percent from 2.51 percent in the second half of September.
Consumer prices rose 0.37 percent in the same month.
The rate of 2.53% was the lowest reading for the first half of a month since at least 1989.
Central Bank board members voted 3 to 1 at their July 30 meeting to hold their benchmark rate at a record low of 3.0 percent.
The national statistics institute said inflation in the 12 months through July eased to 2.74 percent from 2.87 percent in June.