Mexico’s newly appointed President Claudia Sheinbaum has taken a major step to control the prices of food products.
As per Reuters, Sheinbaum announced on Monday, November 11, that she would renew an agreement with food producers and retailers to maintain the prices of basic groceries affordable for consumers.
Sheinbaum said in her morning press conference, noting, "We want prices to come down for consumers, especially for those who don't have much.”
She was sworn in as Mexico’s first female president on October 1, 2024 and has since served as the 66th president of Mexico.
As per the outlet, the new agreement will be signed on Wednesday or Thursday.
These measures were introduced by her predecessor, former President Andres Manuel Lopez Obrador, in 2022 during a period when inflation hit a two-decade high.
Lopez Obrador introduced these measures in partnership with the private sector on various groceries, including corn tortillas, rice, soap, tomatoes and toilet paper.
Data from the national statistics agency INEGI reported that inflation has dropped significantly since the agreement was implemented.
In addition to this, the annual inflation rate for food, drinks and tobacco stood at 3.81%, a sharp decline from 13.95% two years ago.
