Mexican president to pitch anti-inflation plan to Biden

MEXICO CITY (Reuters) – Mexican President Andres Manuel Lopez Obrador stated on Friday that in a deliberate go to to Washington subsequent month he would suggest to his U.S. counterpart Joe Biden that they craft a joint anti-inflationary plan to deal with surging costs.

Mexico’s leftist president didn’t set out particulars of what such a plan might entail, however he pointed to 3 measures his administration had taken to maintain down the value of family staples like foodstuffs and fuels.

Lopez Obrador famous how his authorities had upped subsidies for each gasoline and diesel, boosted meals manufacturing and had urged corporations to not go on will increase to customers.

“It is working effectively for us,” he informed reporters at his common morning information convention.

Inflation in Mexico is working at its highest ranges in over 20 years, prompting the central financial institution on Thursday to hike its benchmark rate of interest by a document 75 foundation factors to 7.75%.

Lopez Obrador took a swipe the Financial institution of Mexico, saying that whereas he revered its autonomy, specialists who ran central banks wanted to consider methods of tackling inflation aside from slowing down the financial system by mountaineering rates of interest.

Mexico’s financial system carried out higher than anticipated in April, information from the nationwide statistics company confirmed on Friday. It grew by 1.1% from March, beating the consensus forecast of a Reuters ballot of analysts for enlargement of 0.8%.

The Mexican president is predicted to go to Biden within the second half of subsequent month after he opted to not attend a U.S.-hosted regional summit in Los Angeles earlier this month.

(Reporting by Valentine Hilaire and Raul Cortes Fernandez in Mexico Metropolis; Modifying by Dave Graham and Matthew Lewis)