MEXICO CITY The Bank of Mexico kept its benchmark interest on hold at 11.25% on Thursday for a fifth consecutive monetary policy meeting, as expected, underscoring it would maintain the reference rate at its current level for "some time," marking a change from its previous language of maintaining it for an "extended period."

The decision by the central bank's five-member board was unanimous.

All analysts polled in a Reuters survey had expected Banxico, as the central bank is also known, to hold borrowing costs at the current all-time high of 11.25%. The rate has sat steady since March, following the central bank's rate-hiking cycle that began in June 2021.

Inflation has been steadily declining in Latin America's second-largest economy, with data earlier in the day showing inflation easing in October for the ninth consecutive month.

Annual headline inflation hit 4.26% last month, down from 4.45% in September and the lowest since February 2021, although still above Banxico's target of 3%, plus or minus one percentage point.

(Reporting by Isabel Woodford, Brendan O'Boyle and Anthony Esposito)