Mexico: Mexico Announces New Anti-Inflationary Program

On October 3, 2022, the Office of the President of Mexico announced the Opening Agreement against Inflation and Scarcity (APECIC) between the Government of Mexico and fifteen private companies, aimed at combatting food price inflation. The agreement extends through February 2023 and pledges to reduce the prices of 24 basic goods (mostly food items) by eight percent. APECIC provides the fifteen signatory companies with temporary exemption from Mexico’s import requirements for food and food packaging administrated by Mexico’s import regulatory authorities. Other provisions include a ban on Mexico’s exports of white corn, beans, sardines, and some food packaging materials plus a suspension of the development of new regulations that would impede trade or increase food import costs. The program has not yet been published in Mexico’s Federal Register. This report provides an unofficial translation of the announcement.