EMERGING MARKETS-Latam FX gains, Mexican rate hike expected as inflation surges - NewsBreak

* Mexican consumer prices rise 6.24% in the year through October * Brazil's real hits three-week high, stocks jump * Bolsonaro set to join the center-right Liberal Party (Adds details, updates prices) By Shashank Nayar and Ambar Warrick Nov 9 (Reuters) - Most Latin American currencies gained on Tuesday, with Brazil's real rallying more than 1% against a steady dollar, while a spike in Mexican inflation raised bets for another interest rate hike later this week. The Mexican peso was flat after consumer prices rose 6.24% in the year through October, more than double the central bank's target, feeding concerns that increasing prices will weigh on an economic recovery. Mexico's central bank, known locally as Banxico, will likely raise its benchmark interest rate by 25 basis points to 5% on Thursday in the wake of rising price pressures, according to a Reuters poll. Some analysts forecast a larger hike. "Rate hike expectations for Banxico ahead of the Fed meeting last week had risen conside