Claudia Sheinbaum’s government renewed an agreement with producers and marketers of food and personal hygiene products to mitigate the rise in prices of 24 goods in the next six months.
The so-called Package against Inflation and Scarcity (Pacic), launched for the first time in the administration of Andrés Manuel López Obrador, entails the commitment to set the maximum price of the basic basket at 910 pesos, according to the president.
“This represents a 129 peso reduction compared to the previous agreement, which was 1,039 pesos. We appreciate this important collaboration in support of the popular economy,” said Sheinbaum on the social network
Read: Inflation in Mexico accelerates in October; registers annual rate of 4.76%
According to the Secretary of the Treasury, Rogelio Ramírez de la O, the agreement was accepted by 19
food producing companies and 11 marketing companies, which are
They committed to maintaining the basic basket of 24 products without price variation for the aforementioned period.
The official said that inflation has moderated from the rate of 8.7% in September 2022 to 4.8% in October, but that the war in Ukraine has kept pressure on agricultural raw materials and inputs.
He added that in Mexico, producers face higher costs than before, including labor for certain agricultural production and transportation tasks.
He pointed out that the supply costs that were falling have stopped doing so, and in some cases they have increased.
PACIC scheme
The companies involved agreed not to raise the prices of corn flour used for tortillas until December 31, as well as to create special packages of basic products with a price lower than the stipulated maximum and to promote the PACIC promotion campaign, according to information from Tax authorities.
The Government said that it will strengthen the production of grains in which the country has a deficit, and committed to maintaining fuel prices, established since 2018, as well as the cost of highway rates concessioned to Fonadin and Capufe for six months. .
He added that value chains will be reviewed, such as corn-nixtamal-tortilla, but also other basic consumer products for families.
What products are included?
Pasteurized whole milk, white egg, whole chicken, toilet paper, boxed bread, pasta soup (spaghetti and elbow), canned tuna, canned sardine, vegetable oil, rice, pulpy beef steak, marketed flours and flour basic corn, among others.
What firms participate?
Walmart, Chedraui, Soriana and HEB, among others, while among the agribusinesses are Bimbo, Lala, Maseca and Bachoco.
IP plans to add more products
At the end of the meeting, the president of the Business Coordinating Council, Francisco Cervantes, explained that the renewal of the agreement seeks not only to maintain prices, but also to expand the number of products included to support the population.
“The renewal of the PACIC remains the same and we are going to add some other products to the basic basket,” he told the media.
Cervantes recalled that it has to be renewed every six months so that inflation “does not jump.”
Lee: Government plan to stabilize prices has worked very well: CCE
With information from Reuters, EFE and Silvia Rodríguez
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