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Lopez Obrador to discuss inflation with Joe Biden

Lopez Obrador to discuss inflation with Joe Biden

Mexico City, Jun 24 (Prensa Latina) Mexican President Andres Manuel Lopez Obrador revealed on Friday that he will discuss about inflation and how to face it jointly with Joe Biden in Washington in July.
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Although he did not give details, he said that both governments can carry out an anti-inflationary plan, but clarified that the consumer price index in Mexico is lower than in the United States and Europe.

He explained that his government managed not to increase the prices of the basic food basket through, among other things, an agreement with self-service stores and merchants “who are not abusing and are selling at reasonable amounts.”

In this situation, Lopez Obrador complained that the media are promoting Banxico’s decision to increase interest rates to 7.75 percent while in the United States and other places it is higher, and in this regard he said that his government is respectful of the autonomy of the Bank of Mexico.

He made an analogy of a car and inflation: In order for the car not to heat up, it is turned off and no longer runs. If that is done in the economy, there will be no more growth; that is the great invention, that is why I am talking about technicians who think they are scientists. We have to resume the idea that people progress with production, he pointed out.

He considered that the great lesson of the crises, contrary to neoliberal policies, is that we must seek energy and food self-sufficiency. We must produce, he reiterated.

That is why, he said, they have to develop oil refineries. Power plants such as Dos Bocas are required. It is a great work; where do they do that, where in the world, he asked. He added that they are acting in a cautious manner and that is why they are also investing in coker plants.

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