For the first time in three months, the price of the basic basket fell

Since the presentation of the Pacic, the basic basket shows an increase of 6.2 percent.Photo Yazmin Ortega Cortes

For the first time since the federal government’s plan to contain inflation was presented last May, the price of the products that make up the basic consumer basket showed a decrease last week, reveals the follow-up of the Agricultural Markets Consulting Group ( GCMA).

The trend shown in the price of 26 basic consumer products monitored by the GCMA coincides with what is expected by some financial and economic specialists, in the sense that inflation –which in July was the highest in 22 years in Mexico– it is close to hitting its highest point this month or at the latest in September.

According to data from the private body, at the cutoff of August 12, the group of products contained in the Package against Inflation and Famine (Pacic) could be purchased with 1,110 pesos, a slight decrease of 0.3 percent compared to the 1,114 pesos on the 5th of the same month.

Beyond the marginal reduction, it is noteworthy that since May 4, when the Pacic was presented, it is the first time that its average price shows a decrease, since week after week it had shown increases of between 0.5 and 1.6 percent.

The monitoring of the GCMA has 26 products, while that of the Federal Consumer Protection Agency (Profeco) considers 24. The difference is that the private organization includes corn and flour tortillas, as well as black and pinto beans, while that of the agency does not. distinguishes between the varieties of the grain or the raw material of the tortilla.

When the government presented the Pacic, it reported that it had reached an agreement with the private initiative to maintain steady the price of 24 key products for Mexican families, which have an incidence of 46 percent in food inflation.

Recently, Ve por Más analysts pointed out that there are indications that general inflation would reach its highest peak during this month, to later stabilize and begin its decline towards the end of the year.

Meanwhile, Citibanamex specialists believe that the price index would reach its maximum level between August and September, remaining more or less stable between 7.5 and 8 percent during the rest of the year.

The Mexican Institute of Finance Executives agrees that the peak of inflation will be seen in August, with a gradual deceleration in the subsequent months.

prices still up

Although in the previous week the monitoring of the GCMA shows a reduction in the price of the basic basket, the trend since the presentation of the pact has been upward, since from the last week of April to date it shows an increase of 6.2 percent going from 1,600 to 1,110 pesos.

In that period, a total of 17 products of the basic basket reported increases, highlighting 143.9 percent for oranges, 94.3 for potatoes, 25.7 for tomatoes and 21 percent for toilet soap.

Meanwhile, nine products show a downward trend, highlighting the cases of vegetable oil, with 41.9 percent; the lemon, with 21.8; pasta for soup, with 14.5, and jalapeño pepper, with 10.7 percent.

The basic basket is made up of corn oil, palay rice, tuna, pork, chicken and beef, as well as onion, jalapeño pepper, beans, eggs, toilet soap, tomato, milk, lemon, apple, orange, box, potato, pasta for soup, sardine, carrot, corn and wheat flour, white corn, sorghum and wheat.

By Editor

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