AMLO affirms that there is an agreement to avoid price increases and announce a new increase in mini-salary

After a meeting who held with entrepreneurs in the food industry this week, the president Andres Manuel Lopez Obrador assured that they agreed to maintain the prices of the main products of the basic basket to control inflation.

Lopez Obrador said that the idea is to strengthen measures against rising inflation after announcing in May a plan that has failed to contain the escalation of prices.

“They are looking for a way to carry out a review so that it is fair and they are going to help, and it is a matter of trust and it is done for the country because this country deserves everything. They are in a very good plan. Not only this but other measures but we are going to stop inflation because it affects us all”, he said.

The Mexican president ruled out the application of a price control in the products of the basic basket. In addition, he informed that there will be a “considerable” increase in the minimum wage to soften the impact of high prices among workers.

This Thursday, the National Institute of Statistic and Geography reported that in the first half of September 2022 the National consumer price index (INPC) increased 0.41% compared to the previous fortnight.

With this result, annual headline inflation stood at 8.76%.

Meanwhile, the underlying price index grew 0.44% at a fortnightly rate, while annual, 8.27%. In the same period, the non-core price index rose 0.32% biweekly and 10.22% annually.

Within the underlying index, at a fortnightly rate, the prices of merchandise increased 0.50% and those of services, 0.36%. Within the non-core index, at a fortnightly rate, the prices of agricultural products grew 0.86% and those of energy and tariffs authorized by the government fell 0.14%.

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(With information from Reuters)

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