MEXICO CITY, Oct. 24 (Xinhua) -- Through the first half of October, Mexico's inflation hit a moderate 4.94 percent in its year-on-year rate, in spite of an increase in energy prices, the National Institute of Statistics and Geography (Inegi) said Wednesday.

The data from the statistics body surpassed the goal set by the Central Bank of Mexico (Banxico) of 3 percent.

In just the first half of the month, the National Consumer Price Index (INPC) increased 0.4 percent, largely due to the rises in energy prices and of some agricultural products.

The price of electricity increased 17.82 percent during this time period compared to the previous period, while low octane gas increased 0.73 percent, followed by the price of tomatoes at 5.88 percent, Inegi said.

In a letter to its clients, Financial Group Banorte said electricity rates increased during the period as a result of the end of the traditional subsidy in 18 cities in the country.

"It should be remembered that this is a typical seasonal effect, with an additional increase expected during the first half of November," Banorte said.

"We are keeping our inflation forecast for the end of the year at 4.8 percent, above the consensus of 4.5 percent," Banorte said.

At the beginning of October, Banxico kept the key interest rate at 7.75 percent, although it said the balance of risks for local inflation maintains an upward tendency, amidst uncertainty generated by external and internal risks.

In 2017, Mexico's inflation ended at 6.77 percent, the highest level in the past 16 years.