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The cost of staple foods could increase by as much as 10% due to the recent spike in fuel prices, says Mexico City's Chamber of Commerce, Services and Tourism.
During a press conference, the chamber's president, Ada Irma Cruz Davalillo, said that the organization expects a “mega shock” in prices that will be felt as of early this year, and that this trend could continue through April.
Ada Irma also criticized the federal government's recent 8.7% national minimum wage increase from 73.04 to 80.04 pesos per day (US$3.80), since she says this isn't nearly enough to offset the effects of the significant rise in fuel and food costs.
A spike in fuel prices over the weekend, which is a result of the 2017 price deregulation and is part of a broader energy reform passed two years ago under President Enrique Peña Nieto, has led to widespread protests throughout Mexico.
