Press "Enter" to skip to content

López Obrador reports on lowered inflation rate in October

Mexico City, Mexico — President Andrés Manuel López Obrador reports that in October, inflation fell to 8.41 percent. On Thursday, López Obrador pointed out that Mexico is in a downward trend according to data from the National Institute of Statistics and Geography (INEGI).

“It fell a little. The important thing is that there is already a downward trend. (…) Energy we have it under control, we do not increase the price of fuel, gasoline, diesel, electricity. This is a policy that we take differently from other countries,” he said.

In the first fortnight of the previous month, inflation fell from 8.7 to 8.5 percent and in September, the rise was contained, according to INEGI figures.

At a morning press conference, the president reiterated that the Government of Mexico will continue promoting energy and food self-sufficiency as measures to control inflation.

In this regard, he said, production in the field will be strengthened from the free delivery of fertilizers.

“We are going to deliver free fertilizer to all small producers in the country, to two million producers, which is going to help a lot to increase, above all, the production of basic grains,” he explained.

Simultaneously, the federation follows up on the Opening Agreement Against Inflation and Famine (Apecic) with the participation of food producers and distributors.

“We are going to obtain food at a better price, that is, remove import tariffs. It is going little by little. The process is slow because there is a lot of resistance, but we are persevering,” he added.

He recognized the collaboration of companies that comply with the agreements established in the Apecic, an initiative that prioritizes the needs of consumers.

“Producers, department store distributors are helping us. (…) This is what we are going to continue attending now, international food prices are already falling. In any case, we are going to continue with these measures that are not mandatory price controls, but based on agreements,” he said.

Last month, López Obrador held a meeting with with Judith McKenna, President and Executive Director of Walmart International, to do everything possible to reduce food inflation since McKenna says, Walmart sales are equivalent to 25 percent of the country’s retail trade.