As Bloomberg notes, Banxico appears more concerned at inflationary pressures than growth slowdown.

Mexico Central Bank Issues Statement Following Rate Decision:

Banxico to Closely Watch Mid, Long-Term CPI Expectations

Banxico to Watch Potential FX Pass-Through to CPI

Banxico to Continue Watching Policy Posture vs U.S. Fed

Banxico to Closely Monitor Gasoline Prices

Bloomberg Intelligence Latin America Economist Felipe Hernandez:

"The central bank says the inflation outlook has kept deteriorating. This implies the relief from peso appreciation until now has been limited, or at least that it has been more than offset by the sharp increase in fuel prices. It could moderate expectations for a less hawkish central bank and keep the door open for additional tightening."

And Alejandro Cervantes, an economist at Grupo Financiero Banorte SAB, says: