Mexico tortilla producers on Friday said they agreed not to raise prices after Mexican Ministry for Industry and Commerce officials promised to help contain rising costs.
Officials promised to come up with some measures by next week at a meeting on Thursday, National Tortilla Council president Homero Lopez said.
“We will not seek to raise prices indiscriminately,” he said, adding that his organization represents 80 percent of the nation’s tortilla makers.
Earlier this week, producers said that they could increase the price of tortillas by 20 percent in the coming days due to rising costs of corn and fuel.
The corn patties are a staple of the Mexican diet and higher prices have triggered protests in the past.
The Mexican government denounced the forecast price hikes as unjustified, as it sought to allay public concern about high inflation at the start of a presidential election year.
The meeting sought to find mechanisms that would help the producers stay competitive, Mexican Deputy Minister for Industry and Commerce Rogelio Garza said.
“More than a pact, we reviewed market conditions. They agree that there is not sufficient reason to increase prices now,” Garza said.
The price of the tortilla increased about 7 percent in the first 11 months of last year to about 14.01 pesos (US$0.73) per kilo, according to official figures.
Mexican authorities and media reported looting of stores in the states of Mexico and Veracruz on Thursday, following a flurry of social media posts about increases in the prices of gasoline and tortillas this year.
At least 70 people were arrested in the state of Mexico on Thursday after looting in two cities, a state police spokesperson said.
At least 800 police were deployed to deter looting at stores in the state, the state police said on Twitter.
As inflation hovers near a 16-year high just below 7 percent, officials said that the forecast price spikes are not warranted.
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