Mexico reviews trade quotas to contain inflation

Mexico reviews trade quotas to contain inflation

“An immediate and direct issue that we bring up right now, and it is urgent, is the issue of inflation,” said the official in a meeting with the media. She added that mechanisms are being sought to keep the prices of the basic basket “low”.

After the package against inflation and high prices (PACIC), the government seeks to “go further” to prevent purchasing power from recovering, particularly among low-income people.

“We are going to analyze and check that the protectionism that indirectly generates the quotas and compensatory quotas is not a protection beyond what is necessary, that it does not impede competitiveness and that we can generate more competitive prices,” said Buenrostro.

“Soon we are going to start announcing what quotas, what tariff fractions, are going to start to open,” he added.

He pointed out that he is going to work with inputs that have a direct impact on food inflation, such as fertilizers.

The official recalled that the inflationary issue, in this case, is due to the coronavirus pandemic and a year of war in Ukraine.

At the end of October, inflation in Mexico was 8.41% per year, a figure that doubles the objective of the Bank of Mexico for this indicator.

“We can do little about global inflation, but we were trying to do as much as we can with food inflation,” Raquel Buenrostro reiterated.

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