Business at Marco Antonio Jimenez’s taco stall in Mexico City was just starting to recover from repeated COVID-19 lockdowns when global corn prices skyrocketed, sinking his sales once again.
The surge in the cost of corn —which is used to make Mexico’s staple tortilla — forced Mr. Jimenez to raise the price of his tacos by two pesos , but he said many of his mainly low-income customers could no longer afford the 20-peso snack.
That fuels the threat of food poverty in a region where 267 million people have had to reduce the amount they eat since the start of the coronavirus pandemic, with many sometimes going hungry, said Carolina Trivelli, senior adviser for strategic analysis at the Food and Agriculture Organization . “We are seeing the perfect storm,” Ms. Trivelli said. Jiovani Santiago, 34, who works at a tortilla shop on the northern fringe of Mexico City, said he sees first-hand how the everyday essential is becoming a luxury for some customers.
Food and drink inflation in six countries — Colombia, Paraguay, Mexico, Chile, Brazil and Uruguay — hit double digits in March, with women and people with informal jobs set to be hit hardest, ECLAC said. Alarmed about the impact on consumers, governments are taking emergency measures to rein in inflation. Mexico has suspended import duties for a year on a range of essential goods including corn, while Argentina — where inflation could top 70% this year — proposed a bill this month to tax companies that earn “extraordinary income” as a result of fallout from the war in Ukraine — mainly commodities firms.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BSP may go for up to 50-bp hike — poll - BusinessWorld OnlineTHE BANGKO SENTRAL ng Pilipinas (BSP) is widely expected to raise interest rates on Thursday, with several analysts now forecasting a 50-basis-point (bp) increase after the aggressive tightening by the US Federal Reserve last week. READ:
Read more »
Cybercrime agency plans crackdown on online scams - BusinessWorld OnlineTHE Cybercrime Investigation and Coordinating Center (CICC), which recently opened a cybercrime laboratory in Quezon City, said it will expand its operations to online fraud after initially focusing on addressing online sexual abuse and exploitation of children (OSAEC).
Read more »
Government urged to make big green energy push - BusinessWorld OnlineThe government needs to refocus its borrowing to aggressively pursue sustainable energy initiatives, which multilateral institutions are willing to fund on favorable terms, in response to the rising cost of traditional fuels, economists said. READ:
Read more »
Land owners give final consent for the opening of Mati airport - BusinessWorld OnlineTHE PRIVATE owners of the land where the Mati City airport is located have given their final consent, paving the way for the commercial opening and expansion of the facility, according to a city official.
Read more »
PHL has chance to maximize WTO deal to make vaccines - BusinessWorld OnlineThe Philippines should maximize the opportunities on offer from a deal reached at the 12th Ministerial Conference (MC12) of the World Trade Organization (WTO), particularly in the areas of vaccines and fisheries, analysts said. READ:
Read more »