UPDATE 1-Mexican price rises don't merit rate hike-c.banker

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MEXICO CITY, Feb 12 (Reuters) - Food price hikes have not pushed up inflation expectations enough to merit an interest rate hike, Mexico's central bank vice governor and monetary policy voting member Everardo Elizondo said on Monday.

Elizondo wrote in a column in Reforma newspaper that a rate hike would only be necessary if holding back from such action caused a drastic increase in inflation expectations.

"If price changes are caused by factors out of the central bank's control, it is not necessary to react to them unless not taking action caused a drastic change in inflation expectations," Elizondo wrote.

"Presently in Mexico, there is not yet any evidence of a change (in inflation expectations) of that type," he wrote.

Increases of prices of basic foodstuffs like tomatoes, sugar and corn tortillas in recent months pushed Mexican 12-month inflation above 4 percent last year.

The central bank has set an inflation target of 3 percent, with a buffer zone of 1 percentage point on either side.

"Impatience is a bad adviser in times of uncertainty," Elizondo wrote. The bank will announce its next monetary policy decision on Feb. 23.