MEXICO CITY – Mexican President Claudia Sheinbaum announced on Monday that she would renew a key agreement with food producers and retailers to maintain affordable prices on essential groceries, aimed at easing the financial burden on low-income consumers.
The initiative, initially introduced by former President Andres Manuel Lopez Obrador in 2022, included price controls on basic goods such as corn tortillas, rice, soap, tomatoes, and toilet paper to combat a spike in inflation, the highest in two decades at the time.
“We want prices to come down for consumers, especially for those who don’t have much,” Sheinbaum stated during her morning press briefing. The renewed accord is set to be signed later this week
Data from Mexico’s national statistics agency, INEGI, shows that the measure has significantly reduced inflation. As of October, the annual inflation rate for food, drinks, and tobacco had fallen to 3.81%, a notable decrease from the 13.95% rate recorded two years prior.
The initiative underscores Sheinbaum’s focus on reducing living costs, a central issue as she continues the policies of her predecessor and political mentor, Lopez Obrador.