Mexican President Andres Manuel Lopez Obrador said on Tuesday, October 18th that he met with Judith McKenna, the head of Walmart 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 the prices of essential 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.”
Lopez Obrador wrote on Twitter that the company represents 25% of Mexico’s retail sales.
Source: El Economista