FILE PHOTO: The logo of Mexico's Central Bank (Banco de Mexico) is seen at its building in downtown Mexico City, Mexico, April 26, 2024. REUTERS/Henry Romero/File Photo

MEXICO CITY (Reuters) -The Bank of Mexico cuts its benchmark rate by 25 basis points on Thursday in a decision widely anticipated by the market, signaling it could deliver future cuts at coming meetings as inflation falls in Latin America's second-largest economy.

The move brings the rate to 7.25%, its lowest level since May 2022.

"Looking ahead, the board will evaluate reducing the reference rate," the bank said.

The decision by the central bank's five-member governing board was not unanimous, the bank said in a statement announcing the rate decision. Deputy Governor Jonathan Heath voted to hold the rate at its previous 7.50% level.

Heath, who has argued for greater caution around cutting the rate, has now been the sole dissenter for four consecutive rate cuts.

(Reporting by Brendan O'Boyle, Editing by Natalia Siniawski)