MEXICO CITY () – The Bank of Mexico lowered its benchmark interest rate by 25 basis points to 10.00% on Thursday and signaled larger rate cuts could be considered in future meetings given progress on inflation in Latin America’s second-largest economy.

The unanimous decision by the central bank’s five-member governing board came after headline inflation slowed slightly more than expected last month.

“In view of the progress on disinflation, larger downward adjustments could be considered in some meetings, albeit maintaining a restrictive stance,” the bank said in a statement announcing the board’s decision.