Mexico's central bank raised its key interest rate as expected for a second straight meeting and signaled it will prioritize the peso's inflation implications rather than moves by the Federal Reserve for its future decisions.

Banco de Mexico's board voted unanimously to lift borrowing costs a quarter point to 7.5 percent Thursday, a move forecasted by 23 of 26 economists surveyed by Bloomberg. Three expected no change. The decision came after consumer prices in December climbed 6.77 percent from a year earlier, more than double the central bank's 3 percent goal and the fastest pace in 16 years.

In a shift from their last meeting, policymakers indicated that the peso—in particular, the inflationary effect of its future potential weakness—would now be the first factor among those they're watching, moving their posture relative to the Fed to second. They also said they'll be ready to react in a firm and timely manner to anchor mid- and long-term inflation expectations and pushed back their forecast for convergence to their 3 percent target to the first quarter of next year.