Panama to regulate prices of 72 food items to ease rising living costs
PANAMA CITY (Reuters) – The Panamanian authorities introduced on Monday it would regulate the worth of 72 meals objects following weeks of offended protests and road blockades demanding the federal government take measures to stem the shortly rising value of residing.
Throughout the dollarized Central American nation protesters have been blocking roads and even stopping vehicles from delivering meals, a strain tactic within the three-week-old protests as inflation accelerated to five.2% within the yr via June.
That’s up from annual inflation of two.6% in December 2021.
“With the regulation of the 72 merchandise, the price of the fundamental meals basket would lower by 30%, a financial savings of greater than $80,” the president’s workplace mentioned in a press release, after the federal government and highly effective unions, with the Catholic Church appearing as a mediator, reached an settlement.
President Laurentino Cortizo’s authorities has already put in place value controls on a dozen meals objects and austerity measures for public establishments that included 10% of presidency employees.
However demonstrators are demanding extra be carried out, together with curbs on public spending, larger transparency and extra investments in well being and schooling.
Cortizo’s authorities first set the worth of gasoline and diesel at $3.95 per gallon, after which lowered it to $3.25, in a failed try to cease the nationwide demonstrations.
Negotiations are ongoing and the federal government has requested protesters to finish the road blockades within the meantime, however demonstrators have refused to take action till an settlement on all calls for is reached.
(Reporting by Elida Moreno in Panama Metropolis; Writing by Valentine Hilaire; Modifying by Anthony Esposito and Matthew Lewis)
