Mexico Caps Grocery Prices Amid Inflation

Mexico's government renews an agreement with food producers and retailers to cap prices on 24 basic items at 910 pesos, $44.06, providing relief amid inflation. The new price is 129 pesos cheaper than the previous cap of 1,039 pesos, according to President Claudia Sheinbaum.

In a decisive move to combat inflation, Mexico's government has renegotiated a price cap on essential grocery items. The agreement, unveiled by President Claudia Sheinbaum on Tuesday, sets a limit of 910 Mexican pesos, approximately $44.06, on 24 basic grocery items.

This adjustment marks a significant reduction from the previous cap of 1,039 pesos, offering consumers a 129 pesos savings per basket. The renewal reflects the administration's commitment to address rising living costs.

At the current exchange rate, $1 equals 20.6530 Mexican pesos, making this a strategic initiative to manage economic pressure on families.

(With inputs from agencies.)