Mexican President Andrés Manuel López Obrador during his Monday, Jan. 19, press conference. Photo: Presidencia

By KELIN DILLON

On Monday, Dec. 19, Mexican President Andrés Manuel López Obrador (AMLO) announced during his daily morning press conference that there will be no price hikes in Mexico this coming January, while encouraging the nation’s citizens to save as much money as they can and instead “give affection” as a gift this holiday season.

Mexico, like many countries in Latin America, usually sets new prices and rates for goods at the beginning of each calendar year in line with inflation – also known as the “January slope” – which subsequently affects its consumers’ purchasing power.

However, according to López Obrador, Mexico will not be participating in this economic tradition this January 2023 and will instead utilize the same rate for regulated goods as set in January 2022.

“Tell people that there will be no cost in January,” said AMLO at the time. “You also have to save money and give away affection, don’t buy it. You have to save.”

“For what corresponds to the government, we are going to continue maintaining the anti-inflationary plan, we are pending on that, that prices do not increase, and that there is no shortage,” continued the Mexican federal executive.

According to a recent economic analysis conducted by the Bank of Mexico (Banxico), Mexico is projected to have an 8.1 percent inflation rate during the first quarter of 2023 – an improvement that’s approximately .2 percent lower than Banxico’s previous estimate for the same time period.

AMLO also used his daily morning press conference to announce that Mexico would continue distributing financial resources to the elderly with a 25 percent increase in funds once the government resumes work on Jan. 2.

“All this is so that we are happy and people are quite happy and the best thing is health, not having sick people, that we are all with the family, that is the best,” concluded López Obrador.