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Thursday, October 6, 2022

Mexico freezes the price of basic foods to curb inflation

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“A unanimous agreement was reached to maintain prices no increases of basic products, food,” López Obrador said in his usual daily press conference, referring to a meeting he held this week with representatives of the food industry.

The president explained that in his meeting with the companies participated producers, dealers Y marketers of corn, chicken, eggs and beef, and revealed that the specific scope of the agreement will be publicly announced on October 3.

The minimum wage will increase

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López Obrador also said that he is seeking to raise “considerably” the minimum salaryto counteract the inflationary impact on the workers’ pockets, but that the amount of the increase will be achieved “in consensus” with businessmen Y unions.

For this year, the minimum wage in Mexico rose 22% compared to 2021, to 172.87 pesos per day (8.57 dollars). When the López Obrador government began, the base salary was 88.36 pesos per day (4.37 dollars), according to official data.

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However, the base salary in Mexico is below that of some Latin American countries with smaller economies such as Chili either Ecuadoraccording to information from the Statista site.

At the end of August, the central bank adjusted its forecasts for this year’s inflation upwards, to 8.1%, warning that the effects of shocks on prices could be prolonged and even worsen.

The monetary authority currently has the key rate of interest by 8.5%, but is expected to raise it again at its next monetary policy meeting. The entity has warned that for the magnitude of future increases it would take into account the prevailing conditions.

Source: Ambito

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