Mexico president says he spoke with Walmart exec about lowering inflation on food products
Reuters
Published Oct 18, 2022 03:37PM ET
Updated Oct 18, 2022 06:36PM ET
MEXICO CITY (Reuters) -Mexican President Andres Manuel Lopez Obrador said on Tuesday that he met with Judith McKenna, the head of Walmart (NYSE:WMT) Inc's international division, about "doing everything possible" to lower inflation on food products.
It comes weeks after Mexican officials announced a deal with more than a dozen food makers and retailers, including Walmart, to halt rising food prices, with annual inflation in Latin America's second-largest economy hitting 8.76% in the first half of September.
Data from the country's statistics agency showed food, beverage and tobacco prices rose 13.27% year-on-year.
The plan aims to tame prices of basic food items and is set to waive certain regulatory requirements and taxes for signatories.
Nonetheless, aspects of the deal have sparked concerns from competitors and trade experts.
Walmart's Mexico unit, known as Walmex, told Reuters it would "continue to work closely with the authorities to generate collaboration between the different sectors, with a view to mitigating the negative impacts of inflation."
The company represents 25% of Mexico's retail sales, Lopez Obrador wrote on Twitter.
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Written By: Reuters
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