International News: Mexico to renew food price controls to keep groceries affordable

Posted: Monday, November 11, 2024. 2:26 pm CST.

By Zoila Palma Gonzalez: Today, Mexican President Claudia Sheinbaum announced that her government would renew an agreement with food producers and retailers to cap the prices of basic groceries. 

The measure, originally introduced by former President Andres Manuel Lopez Obrador in 2022 to combat rising inflation, will be renewed this week, Reuters reported.

Sheinbaum, who took office in October, emphasized that the goal is to reduce prices, particularly for low-income consumers. 

The new agreement, set to be signed Wednesday or Thursday, will continue to cover essential items like tortillas, rice, soap, tomatoes, and toilet paper.

Since the implementation of the original price controls, inflation has significantly dropped. 

According to Mexico’s national statistics agency INEGI, the annual inflation rate for food, drinks, and tobacco in October was 3.81%, a sharp decline from 13.95% two years earlier.

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