Mexico City News

Mexican President Claudia Sheinbaum announced on Monday that she will renew an agreement with food producers and retailers to maintain affordable prices on essential groceries for consumers.

This measure was initially introduced by her predecessor, former President Andres Manuel Lopez Obrador, in 2022 during a period of high inflation, the highest in two decades.

"We want prices to come down for consumers, especially for those who don't have much," Sheinbaum stated in her morning press conference.

The new accord is expected to be signed on Wednesday or Thursday.

Lopez Obrador, who is Sheinbaum's mentor, had implemented price controls in partnership with the private sector on a variety of grocery items, including corn tortillas, rice, soap, tomatoes, and toilet paper.

According to data from the national statistics agency INEGI, inflation has sharply decreased since the agreement was put in place. In October, the annual inflation rate for food, drinks, and tobacco was 3.81%, significantly lower than the 13.95% rate recorded two years prior.