In a move to shield Mexican consumers from rising costs, President Claudia Sheinbaum announced on Monday plans to renew a collaborative agreement with food producers and retailers to maintain affordable prices on a range of essential groceries. The agreement, originally established by former President Andres Manuel Lopez Obrador in 2022, aimed to mitigate the impact of soaring inflation, which had then reached its highest levels in two decades.
During her morning press conference, Sheinbaum emphasised her commitment to reducing costs for low-income households. “We want prices to come down for consumers, especially for those who don’t have much,” she stated. Sheinbaum, who took office in early October, confirmed that the new accord would be formalised later this week, on either Wednesday or Thursday.
The initiative, inspired by Lopez Obrador’s efforts to alleviate inflationary pressures on staples, covers key grocery items such as corn tortillas, rice, soap, tomatoes, and toilet paper. This collaboration with the private sector seeks to ensure that essential products remain accessible to the broader public, especially during economic challenges.
Reuters reported that the initial price control measures had a notable impact on inflation. Since their implementation, inflation has decreased significantly. Recent data from Mexico’s national statistics agency, INEGI, shows that the annual inflation rate for food, drinks, and tobacco stood at 3.81% in October, down from a staggering 13.95% two years prior.
This upcoming renewal reflects Sheinbaum’s commitment to pursuing the policies of her mentor, Lopez Obrador, in bolstering affordability for Mexico’s most vulnerable populations.
