Mexico to Halt Some Food Exports in Bid to Curb Soaring Inflation
Source: Bloomberg
Mexico to Halt Some Food Exports in Bid to Curb Soaring Inflation
Max de Haldevang
Mon, October 3, 2022 at 1:09 PM·2 min read
(Bloomberg) -- Mexico aims to cut the cost of 24 basic goods by curbing food exports and extending a pact with major companies in the latest attempt to tame soaring consumer prices.
The government wants to cut prices for the key goods by 8% from their average peak, through February 2023, Finance Minister Rogelio Ramirez de la O said Monday.
The government will pause exports of goods including white corn, beans and sardines, as well as scrap metal used for food cans, Ramirez said. It will also suspend requirements such as tariffs and other import barriers for firms that agreed to the deal, he said.
The companies involved in the pact include supermarkets Wal-Mart de Mexico SAB, Grupo Comercial Chedraui SA and Organizacion Soriana SAB, as well as food producers such as Gruma SAB de CV, Industrias Bachoco SA and Sigma Alimentos SA, Ramirez said.
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Read more: https://news.yahoo.com/mexico-halt-food-exports-bid-154056497.html