Mexico’s Finance Ministry plans to renew in February its inflation pact with big businesses that aims to contain the cost of basic goods by removing import barriers and red tape, according to people familiar with the matter.
The program, which began in May and was first renewed in October, has the goal of reaching an 8% reduction in the price of 24 key goods by February compared to their average peak level. President Andres Manuel Lopez Obrador has championed the program as a way of easing the steep impact of price increases on poor communities, with inflation hitting its highest level in more than two decades in September.
