UPDATE 1-Cemex to increase cement prices in Mexico

(Adds cement price details, stock quote)

MONTERREY, Mexico, Dec 14 (Reuters) - Cemex, the world's No. 3 cement maker, said on Friday it plans to increase its cement prices in Mexico by an average of 10 percent.

Spokesman Gerardo de la Torre said the price hike will be effective from next Monday.

Building material distributors consulted by Reuters in the northern Mexican city of Monterrey, where Cemex(CMXCPO.MX) (CX.N) is based, said the price of a 110-pound (50-kg) bag of cement will rise to more than 100 pesos ($9.20) from the current 96-peso price.

Cemex, which has operations in over 50 countries, said earlier this week it was working on a plan to cut jobs to reduce costs following its takeover of Australia-based building materials company Rinker in July.

Cemex has some 68,900 employees.

The company's shares ended off 1.73 percent at 28.48 pesos on Friday while its New York-traded shares eased 1.97 percent to $26.35. (Reporting by Gabriela Lopez)