MEXICO CITY—The Bank of Mexico’s cycle of interest rate hikes is not yet over and one or two more increases are likely amid concerns about inflation, though any monetary policy moves will depend on incoming data, Bank of Mexico Deputy Governor Jonathan Heath said. Expressing concern about above-target inflation, Banxico, as the bank is known, raised its benchmark interest rate by 25 basis points to 4.75 percent on Thursday, as expected, in a four-to-one vote by its governing board. Heath voted with the majority for the rate hike. “This is my personal opinion, that the cycle of hikes is not over yet, that perhaps we’re not too far from the end. Of course, this will depend much on the evolution of many different indicators,” Heath told Reuters in an interview on Monday. “I think that we should still maybe see one or two more (rate) hikes,” said Heath. Deputy Governor …