The PAN criticizes the rise in inflation and interest rates; proposes contingency fund

The PAN leader defended the initiative of his Parliamentary Group to create a fund against inflation that consists of giving a temporary subsidy to workers, and to micro and small companies that produce basic basket goods.

Mexico City, February 12 (However).- The National Action Party (PAN) criticized the current administration arguing that the rise in inflation and of the interest rate7.91% and 11%respectively- are indicators that “the economy has no direction”because “more is spent and less is bought.”

The national leader of the party, Marko Cortés, condemned the fact that President Andrés Manuel López Obrador criticized the Bank of Mexico (Banxico), calling it “orthodox”, and that “he dares to ensure that inflation is not alarming.”

“Inflation hits us all, but it hits those who have less the most, with the increase in product prices and a salary that is not enough,” said the PAN leader.

In addition, the leader of the blue and white assured that the anti-inflationary measures of the federal government are “a resounding failure”, because according to him, “the products that he sought to ‘protect’ are the ones that rose the most.”

Cortés also indicated that the increase in prices prevents the generation of new investment projects with positive projections, which ultimately results in a decrease in economic growth.

Given the current economic situation, the PAN representative promoted the initiative “Contingency Fund against Inflation”, presented by his party in the Chamber of Deputies, which “seeks to support Mexicans affected in their economies by the irresponsibility and indifference of the Government ”.

The fund promoted by the PAN member and the Parliamentary Group consists of creating a temporary subsidy for workers, and micro and small companies that produce basic basket goods and, on the other hand, reforming the Electricity Industry Law so that it can reduce the fee.

On February 9, heto the Governing Board of the Banxico unanimously decided to increase 50 points base the overnight interbank interest rate, that is, up to 11 percent, effective February 10, 2023, which represents the fourteenth consecutive increase.

That same day, the National Institute of Statistics and Geography (Inegi) reported that the National Consumer Price Index (INPC) registered a variation of 0.68 percent in January 2023 compared to the last month of last year. With this result, general annual inflation stood at 7.91 percent.

In Mexico, inflation stands at 7.91 percent. Photo: Edgar Negrete Lira, Cuartoscuro.

Likewise, on February 10, the Ministry of Finance and Public Credit (SHCP) reduced for the second consecutive week the percentage of the fiscal stimulus that is applied to the Special Tax on Production and Services (IEPS) for gasoline. With this, drivers will have to pay more in tax for each liter.

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