Mexican president eyes food price controls if inflation stays high

MEXICO CITY – Mexican President Andres Manuel Lopez Obrador said on Thursday his government will seek to control food prices if inflation cannot be brought down.

“We’ve been able to control inflation, stop it from getting totally out of control, by managing fuel prices, and we’ll do the same in the case of foods if inflation is prolonged, or if it stays high,” he told a regular news conference.

He did not provide more details.

Inflation has been running above 7% in Mexico, more than double the rate of 3% targeted by the central bank, which last week raised its benchmark interest rate to 6.5%.

(Reporting by Ana Isabel Martinez; Editing by Dave Graham)