Mexico bonds slide to 4-month low, stocks fall

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MEXICO CITY, May 9 (Reuters) - Mexican bonds fell on Friday for a third straight day after inflation hit a three-year high, while stocks slipped, dragged down by losses in shares of miners as global metals prices fell.

The government's benchmark 10-year peso bond <MX10YT=RR> fell 0.462 of a point in price to bid 98.12, pushing its yield up 7 basis points to 8.03 percent, a four-month high.

The benchmark IPC stock index .MXX lost 0.25 percent to 30,674.36 points while the peso <MXN=> MEX01 weakened slightly, down 0.04 percent to 10.5755 per dollar at the official central bank close.

Consumer prices rose 4.55 percent in the 12 months through April, well above the level the central bank says it can tolerate, and reinforced expectations this week that borrowing costs will not be coming down anytime soon.

"This is making people nervous that the central bank could raise its reference rate," said Miguel Gaytan, a fixed-income analyst at consultancy Bursametrica Management.

Mexico's central bank has held interest rates at 7.5 percent for six months since last hiking in October 2007.

In stock trading, miner Grupo Mexico (GMEXICOB.MX: Quote, Profile, Research), one of the world's biggest copper producers, lost 2.13 percent to 78.16 pesos as copper futures fell as inventories in London and Shanghai surged.

Miner Penoles (PENOLES.MX: Quote, Profile, Research), whose subsidiary Fresnillo Ltd is the world's biggest producer of refined silver, lost 3.36 percent to 299.76 pesos.