Cost of staple foods may increase by as much as 10%, says expert
The president of the Mexico City Chamber of Commerce, Services and Tourism says she expects the trend in rising staple food costs to continue through April of this year.
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.