Price of a gallon of regular gasoline: Panama $2.34, El Salvador $2.48, Guatemala $2.44, Nicaragua and Honduras, $3.17 and Costa Rica, $3.77.
From a statement issued by the Ministry of Economy of El Salvador:
New variations with a downward trend which occurred in this week, are due to the significant drop in prices of derivatives and oil, which are caused by the results of the latest OPEC meeting, where member countries reached an agreement on a maximum ceiling for oil production and maintaining the overabundance of supply, coupled with the fact that Iran will join the market next year, once the West has removed the sanctions that it imposed sanctions over its nuclear program. These factors lead to oversupply causing a decline in reference prices.
In April, the consumer price index showed a variation of 0.39%, reflecting an increase in prices of food, beverages, restaurants, hotels and transportation.
The reported inflation was greater by 0.77% than the amount of inlfation in the same period in 2014, which was 4.90%. Moreover, the division of Food and Non-Alcoholic Beverages was the largest contributor to inflation in April, with 0.266%, while the division of hotels and restaurants contributed 0.07% to monthly inflation.
Guatemala's government is negotiating with the productive sectors to stabilize commodity prices and control any increases.
The government announced that it is preparing a strategic plan to discuss with the private sector in order to prevent further increases in prices of basic food products. The purpose of the strategy is to prevent situations such as roadblocks and smuggling directly affecting production costs and then prices.
XAGRO S.A. Announced that they have signed a purchase agreement with Jam LLC to buy 5,000 MT of red beans from China that will be sold to importers throughout Central America to help ease market pressure and lower the high prices caused by recent shortages.
As part of the Agritrade Platform, Guatemala will participate for the 27th time in PMA Fresh Summit, the most important international trade show and convention of fruits and vegetables in the United States, which will take place at Anaheim Convention Center, California from October 17th to 19th.