News Karnataka
Saturday, October 01 2022
North America

Mexico City: Mexican President confident of inflation control measures

Mexican President confident of inflation control measures
Photo Credit : IANS
Mexico City: Mexican President Andres Manuel Lopez Obrador said that he was confident inflation control measures taken by his administration will slow down price rises in the country.

“We are helping to control inflation,” Xinhua news agency quoted Lopez Obrador as saying at a press conference.

“While it’s no consolation, inflation in Mexico is lower than that of the United States and Europe due to what we have done and will continue to do,” he added.

Inflation in Mexico accelerated to 8.16 per cent year on year up to mid-July, its highest level since January 2001, according to information released by the country’s National Institute of Statistics and Geography.

The government’s main inflation strategy has been to contain the rise in prices by subsidizing fuel prices and capping the cost of certain foods.

The strategy has kept Mexico from becoming “completely overwhelmed” by inflation, said the president, predicting a possible drop in the price index worldwide by October or November.

In 2021, Mexico saw an annual inflation of 7.36 per cent, its highest level in more than two decades, due to the impact of the Covid-19 pandemic.

The Central Bank of Mexico has raised the benchmark interest rate nine times in a row in recent months to its current level of 7.75 per cent, to contain growing inflation.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp