Mexican food retailers to maintain price limits on key staples -official By Reuters

© Reuters. FILE PHOTO: Clients purchase tomatoes at a road market, in Mexico Metropolis, Mexico December 17, 2021. REUTERS/Luis Cortes/File Picture

MEXICO CITY (Reuters) – Mexico’s foremost meals retailers have agreed to keep up a take care of the federal government to restrict the costs of 24 fundamental meals staples with a view to assist tame inflation, a authorities official stated on Monday.

President Andres Manuel Lopez Obrador final week stated the federal government was in search of to increase the 2022 pricing settlement to maintain inflation in Latin America’s No. 2 economic system on a downward pattern.

David Aguilar, who heads state client safety workplace Profeco, stated authorities met final week with Walmart (NYSE:)’s Mexican arm and the nation’s retailers’ affiliation ANTAD, which teams collectively over 47,000 institutions.

“All of them reiterated their dedication to proceed sustaining the costs of the 24 fundamental meals merchandise, as within the unique PACIC settlement,” Aguilar stated.

PACIC, signed in 2022 as inflation reached highs not seen in twenty years, was used to guard costs for key staples equivalent to corn used to make tortillas.

Mexico’s central financial institution in the meantime raised its benchmark curiosity to historic report of 11.25% and has maintained it at this stage since March.

Inflation barely sped up in November to 4.32% over 12 months, in comparison with 4.26% in October when it hit its lowest level since early 2021, though the core inflation metric continued to say no.