From the morning tribune there is talk of scarcity, of sharp increases in prices, and President Andrés Manuel López Obrador lengthens the topic for more than a week to announce his plan that, he says, will contain inflation.
Meanwhile, in all this time that passes, until this Wednesday when he will announce his anti-inflationary agreement, he makes the issue of inflation a present discussion among his parishioners, who anticipate that prices will continue to rise.
But it also leaves the largest producers of agri-food and manufactured goods in the country in limbo, who are not sure if “fair prices” is a euphemism for imposing price controls.
Nor are they aware in the markets of the way in which this regime is going to involve the distribution chains. Because López Obrador talks about reaching agreements with department store chains, one must assume that what the President meant was self-service chains. But nobody really knows.
He talks about guaranteed prices, whatever that means, on 24 basic products. López Obrador says that a basic basket will cost the same in Mexico City as in a Yucatecan population of 50,000 inhabitants, without taking into account transportation costs.
All these companies that agreed to do business in Mexico in a free market do not know today what their destiny will be from the Q4 anti-inflationary plan. The share prices of the companies that may be affected are obviously erratic.
And in the midst of all this, the big question is, where is the Bank of Mexico?
That body, autonomous by law, which has been sold as the champion of the fight against inflation is not today in the public discussion about the strategy against inflation.
A central bank that wants to maintain its power of influence in an economy must be accompanied by its monetary policy instruments, but also by a strong and respected voice that makes economic agents believe that they, the true experts, can control the pressures inflationary and that do not need populist and dangerous measures from the executive power.
At different moments of inflationary pressures so far this century, which coincides with the autonomy of the central bank, voices have been heard from Banxico convincing that they have something to react with.
At least throughout all these days in which the declarative monopoly of combating inflation has been taken by the President, the Mexican central bank has been missed in the discussion.
This weakens the monetary and financial power of the Bank of Mexico, which may well now receive criticism that its high interest rates are not necessary, which affect the performance of economic growth, when the leader of the 4T was so good for control inflation.
Of course, it is impossible for the price control of a score of products of the basic basket to put an end to inflationary pressures, but this regime is one of discourses and very inclined to control all power, with that marked contempt for other powers and the autonomies.
That is why the question, where is the Bank of Mexico?
Televisa News Anchor
The great Depression
Bachelor of Communication Sciences from the National Autonomous University of Mexico, with a specialty in finance from the Autonomous Technological Institute of Mexico and a master’s degree in Journalism from the Anahuac University.
His professional career has been dedicated to different media. He is currently a columnist for the newspaper El Economista and news anchor on Televisa. He is the owner of the 2 pm news space on Foro TV.
He is a specialist in economic-financial issues with more than 25 years of experience as a commentator and host on radio and television. He has been part of companies such as Radio Programas de México, where he participated in VIP business radio. He was also part of the management and talent team of Radio Formula.