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Mexico

Increase in Product Prices Will Affect Local Commerce

According to the president of the Chamber of Commerce, Services and Tourism, the beginning of 2017 opens up with a very complicated belt-tightening January

People protest Peña Nieto's increase in gasoline prices in Mexico City, photo: Cuartoscuro/Saúl López
By Rosalba Amezcua Whatsapp Twitter Facebook Share
9 months ago

The “gasolinazo” or rise in gasoline prices, as well as tax increases set by the Mexico City government, will elevate the prices of several commodities between 5 and 8 percent. The latter will also affect formal commerce which had remained stable but will be unable to cope with the new measures.

According to President of the Chamber of Commerce, Services and Tourism (Canaco) Humberto Lozano Avilés, the beginning of 2017 will be marked by the impossibility of increase in consumption as it opens up with a very complicated belt-tightening January.

Lozano Avilés said he was concerned about the measures undertaken by the federal and local government but that there is room for action to modify them, specifically the increase in gasoline prices which affects the entire population. He also stated that shops and retailers will be likely to increase their prices as well.

Regarding protests and demonstrations by political or citizen groups, Lozano Avilés advices against them and instead called for “a sit-down to discuss and reach agreements with workers, unions and the government to find a way around the price increases.”

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