Government plan against inflation costs 574,874 million pesos

The Ministry of Finance and Public Credit (SHCP) assured that two and a half months after implementing the Package Against Inflation and Famine (Pacic), whose maintenance cost is 574,874 million pesos, the price of 24 products has stabilized. of the basic basket, which has also allowed inflation to not exceed 10%.

“This package is fulfilling many functions, and these resources that are used in the package would not have a better use than using them here,” said the Secretary of the Treasury, Rogelio Ramírez de la O, during the morning conference at the National Palace of President Andrés Manuel Lopez Obrador.

“The package against inflation and famine that we signed with companies in the agribusiness sector and companies in the self-service sector, which all joined voluntarily, is now two and a half months old; we signed it on May 4 and so far it has had a very good performance because the basic basket of 24 products has stabilized in this period, in contrast to the basket of the Consumer Price Index”, he said.

The Secretary of the Treasury indicated that the cost to the government of maintaining the Pacic is 574.874 million pesos, broken down as follows:

  • 68,874 million pesos for food security (sowing life, fertilizers, production for well-being, supply and distribution of milk, among others)
  • 73 billion for domestic electricity subsidy
  • 430 billion for gasoline subsidy
  • 2.75 billion due to the freezing of tolls on highways

“Without this package, inflation would have been 2.6 percentage points higher than today’s 8.16, which is why Mexico’s inflation today is lower than that of other countries, including the United States,” said the Treasury Secretary.

He added that one of the troops without this package, and with that higher percentage of inflation, “the first thing that would have fallen sharply is household consumption, when consumption falls, sales volume falls, VAT falls, the entire movement falls. economic, and at the same time the Bank of Mexico would have to raise the interest rate even more, and that increases the cost of public debt and the cost of mortgages, credit cards and private debt”.

He indicated that the Pacic has also allowed the average monthly salary to remain at 8,943 pesos, which without the package against inflation would have been 7,900 pesos.

“As we are seeing good results with this package, at the same time we are looking at where we need to strengthen; The commitments are: not to increase the costs of energy in the terms that are established; accelerate the opening to basic imports; limit the export of white corn to have a strategic reserve in this product; secure agreements with the United States to have more milk and fertilizers; regulate the railway interconnection rates for food, inputs and fertilizers that are very compacted by these rates, and continue monitoring the stability of the basket of 24 products that is in the Pacific”, he indicated.

President López Obrador said that “with these measures we guarantee that there is control in the increase in prices, that fortunately we made decisions on time, and that it was wise to allocate a subsidy so that the price of gasoline does not increase.”

The Secretary of Agriculture, Víctor Villalobos, present at the press conference, said that to help the Pacic, this year the agricultural sector will grow by 4.6% (corn, beans, rice, wheat); 2.4% the livestock sector (beef; pork; chicken; egg; milk); 1.7% the fishing sector (tuna, sardine).

Regarding fertilizers, the director of Petróleos Mexicanos (Pemex), Octavio Romero Oropeza, stated that this parastatal currently operates three plant complexes for the production of fertilizers, and in 2022 it has 73% progress in delivery to 9 states: Guerrero, Morelos, Durango, Chiapas, Tlaxcala, Oaxaca, Nayarit, Puebla and Zacatecas.

For his part, Leonel Efraín Cota Montaño, head of Mexican Food Security (Segalmex), said that he is complying with the daily delivery of corn and beans in Diconsa stores in the country.

“I want to inform you that we have decided to import powdered milk, it is not produced in an important way in the country. it was being acquired from a company, which in turn acquired it from abroad, and for that reason, in order to reduce the price to the consumer, we are going to acquire 20,000 tons this year-end, and possibly 30,000 tons by the beginning of the year 2023 ”, he indicated. He added that the guaranteed price of milk will be adjusted from 9 to 10 pesos.

Finally, the head of Profeco, Ricardo Sheffield, presented a balance on the cost of the 24 products of the basic basket in the various self-service stores, being more expensive in the HEB store and cheaper in the supply centers.

jorge.monroy@eleconomista.mx

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