Panamanian government releases of products under price control

Ramón Martínez, Minister of Trade and Industry. Photo: @rmartinezdlg
Editorial Dept. Voz de la Diaspora

The Panamanian government released part of the basic basket products under price control program, after taking the decision to initiate the "partial and progressive deregulation" of the measure it has remained in force during the last five years.

Minister of Commerce and Industry, Ramon Martinez said the 22 products under price controls were released some types of meats such as jarrete, and chest, pork chop, tuna, lentils, porotos, macaroni, and eggs, According to an executive decree signed by President Laurentino Cortizo the.

Martinez said the freed areas have enough supply in the market, They have a low impact within regulation, and even in some cases, the price ceiling is raised above the market.

The measure will take effect from 7 July with a maximum six months, It was adopted after a thorough analysis and paths consultations with the private sector and consumers, According to the official.

The remaining fourteen items, which they are kept under control, They include various cuts of beef, First ground beef, whole chicken, rice first, yellow onion, Yucca, milk powder, yellow cheese and sausage.

Price control was established by the previous government on a temporary basis from 2014, applies only to retail prices, but the price is not regulated wholesale to avoid any impact on producers.

But nevertheless, The move caused discontent in recent years, especially in the productive and business sectors, after considering that the price shot uncontrolled segments.

"External factors that once caused a significant increase in some food prices have stabilized", Martinez said.

He added that unlike other markets, Panama kept under control an inflation level, and oil prices, that experts, He should not suffer drastic hikes in the coming years.

Martinez recalled strategy to address the root of the high cost of food it is in the implementation of public policies that encourage increased domestic supply, and encourage greater productivity and competitiveness of domestic producers.

In parallel scheme probation at the price of the products it will also increase to avoid possible speculation in the marketing chain.

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