MEXICO CITY: Mexican President Andres Manuel Lopez Obrador announced a plan to address rising inflation by boosting grain output and negotiating price caps with businesses.
At a daily press meet attended by business leaders, the President stated, "It's not about price restrictions." "It's an agreement, a cooperation, to provide a fair price for the basic food basket." Finance Minister Rogelio Ramirez de la O stated that the strategy intends to enhance production of fundamental commodities including corn, beans, and rice, as well as stabilise fuel and electricity prices.
Furthermore, highway tolls will be maintained, customs clearance costs and delays will be decreased, and a zero tax on the import of 21 of 24 basic food basket items and five strategic consumables will be maintained.
According to the Minister, the strategy would initially last six months and will have the support of a large portion of the corporate sector that is dedicated to not raising prices. Inflation in Mexico reached 7.72 percent in the first half of April, the highest amount in 21 years.
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