LatinNews Daily - 28 April 2022

In brief: Mexico’s gov’t reveals details of inflation plan

*Mexico’s President Andrés Manuel López Obrador has announced details for plan to address the impact of rising inflation, which will focus on lowering food prices. Speaking at a press conference, López Obrador said the plan, which will be unveiled in full on 4 May, would guarantee “fair prices” of basic products such as corn, beans, rice and milk. López Obrador stated the government would not implement price controls, but rather would work with food producers, distributors and department stores to establish fair prices for 24 basic products, that would be the same across the country. According to the federal agriculture minister, Victor Villalobos Arámbula, these products will cost 20% less under the plan. Mexico’s private sector has warned against the implementation of price controls, which it stated would distort the market and harm the consumer. Annual inflation in Mexico currently stands at 7.72%, far above the 3% target set by Mexico’s central bank, Banxico.

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