CITY OF MEXICO: Mexican President Andres Manuel Lopez Obrador expressed confidence that his government's inflation-control policies will halt the country's price growth. "We are helping to contain inflation," Lopez Obrador said during a press conference. "While it's no comfort, inflation in Mexico is lower than in the US and Europe due to what we've done and will continue to do," he added.
According to data issued by Mexico's National Institute of Statistics and Geography, inflation inched up to 8.16 percent year on year in mid-July, the highest level since January 2001. The government's primary inflation tactic has been to limit price increases by subsidising fuel prices and restricting the cost of some goods.
The plan has saved Mexico from becoming "totally swamped" by inflation, according to the president, who predicts a reduction in the global price index by October or November.
Due to the impact of the Covid-19 epidemic, Mexico experienced annual inflation of 7.36 percent in 2021, the highest level in more than two decades. To combat rising inflation, the Central Bank of Mexico has hiked the benchmark interest rate nine times in a row in recent months, to 7.75 percent.
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