MEXICO CITY (Reuters) - Mexico's annual inflation rate rose past the central bank's 3 percent target level in October for the first time in over a year and a half, backing expectations the bank could raise interest rates again.

Consumer prices <MXCPIA=ECI> rose 3.06 percent in the year through October, the national statistics agency said on Wednesday, below a 3.1 percent forecast in a Reuters poll. It is the steepest annual price rise since March 2015.

Mexico's central bank has hiked interest rates three times this year to support a weak peso, possibly driving up inflation.

The peso <MXN=><MXN=D2> tumbled to a record low in the wake of Donald Trump's unexpected victory in the U.S. presidential election, but then slightly pared losses on Wednesday.

Mexican central bank chief Agustin Carstens on Wednesday did not announce any emergency measures, and said authorities would wait until their Nov. 17 meeting to decide if further interest rate increases are needed.

The annual reading of the core index, which strips out some volatile food and energy prices, rose 3.10 percent.

Consumer prices <MXINFL=ECI> rose 0.61 percent in October compared with the prior month, while the core index rose 0.28 percent during the month <MXCPIX=ECI>.

(Reporting by Michael O'Boyle; Editing by Jeffrey Benkoe)