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UPDATE 1-Mexico inflation highest in two decades, outstrips forecast

(Updates with details)

MEXICO CITY, Nov 24 (Reuters) - Mexican annual inflation accelerated faster than expected in the first half of November to more than 7%, the highest rate in over 20 years, official data showed on Wednesday, adding to pressure on the central bank to tighten borrowing costs further.

Figures from national statistics agency INEGI showed inflation during early November was 7.05%, beating the consensus forecast in a Reuters poll for a reading of 6.87%. Inflation last stood higher in the second half of April 2001, data show.

Inflation was 6.36% in the second half of last month.

Headline inflation is running well above the central bank's target and the data will likely cement market expectations of more rate increases by the Bank of Mexico, which earlier this month raised its benchmark lending rate to 5.00%.

The bank's inflation objective is a rate of 3% with a tolerance threshold of plus or minus one percentage point.

Compared to the previous two week period, consumer prices rose 0.69%, while the core index, which strips out some volatile items, climbed by 0.15%, the data showed. (Reporting by Dave Graham and Miguel Angel Gutierrez; Editing by Frank Jack Daniel)