Price Control Declared in Guatemala

The Ministry of Economy will be in charge of setting the average price list of the products of the basic basket that will be in force in the country.

Friday, March 27, 2020

Article 3 of the decree approved by the Congress of the Republic explains that "... the Ministry of the Economy will set the average price list as of March 15, 2020, for each of the 34 products that make up the Basic Food Basket in its different forms of presentation, unit, pound, quintal, etc."

See "Coronavirus: How Will It Affect Business?"

The text adds that "... For the above, the prices established as of March 15 by the National Institute of Statistics will be taken as a basis, and it will also refer to the list of distribution centers where products with these values can be found, and it will publish the average price list in each of the outlets, supermarkets, warehouses, sales centers, social networks, and any other means of communication at its disposal."

The Ministry of the Economy, through the respective agencies, must guarantee the supply of the products and will sanction, in accordance with the law, those who incur in acts of price speculation and hoarding of the products. The provisions contained in this article shall be in force and applicable for the duration of the state of calamity and its extensions, concludes the article.

Cristian Alvarez, a CREO deputy, told that "... average prices will become maximum prices because it will only generate black market and shortages. We have to advocate for the freedom of the market and that the State pursues the virus and does not intervene in the market."

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