Mexico taps private sector again to try to keep food prices down

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Mexican officials on Monday announced the details of a new deal with companies to halt rising food prices, doubling down on a collaborative effort with the private sector as inflation hovers at a 22-year high.

More than a dozen foodmakers and retailers are part of the plan, which will waive certain regulatory requirements, Mexican Finance Minister Rogelio Ramirez de la O said.

The plan will also pause exports of white corn, beans, sardines and aluminum and steel scrap used in food packaging. PACIC has helped stave off "7.5 percentage points of additional inflation among the 24 products in the basic basket," the finance ministry said in September when it presented its 2023 budget package.

Mexico's most recent inflation data showed food, beverage and tobacco prices rose 13.27% on a year-on-year basis in the first 15 days of September, higher than the annual headline rate of 8.76%.The government says that price data published twice monthly by the INEGI national statistics agency does not accurately reflect the effectiveness of the PACIC.

The PACIC's impact needs to be measured differently to take into account those products and show how effective the program has been in helping Mexico's poorest consumers, Mariscal argues. Critics have cast doubt on the program's deals with big producers and supermarket chains, since Mexicans often get their groceries at smaller mom-and-pop shops or markets.

 

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