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.
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."
In the context of the covid-19 crisis, the Salvadoran authorities decided to establish a maximum price for all products in the basic basket.
The Consumer Defense Office has selected beans, corn, rice, milk and eggs as essential products, which must be kept at accessible prices in the local market.
At the beginning of the Cortizo administration the quantity of products with controlled prices in Panama was reduced from 22 to 14, and from January 1, 2020 the list will decrease to 7.
The gradual elimination of price control has been one of the actions that has strengthened the Cortizo administration, because since July 7, eggs, macaroni, beans, lentils, chop, marrow, breast and tuna, ceased to be part of the list of products, whose prices are controlled.
From July 7, eggs, macaroni, beans, lentils, chop, shank, breast and tuna will no longer be part of the list of products whose prices are controlled in Panama.
The measure consisting of the regulation of 22 products of the basic basket, which was initially announced as transitory, became permanent in the country, since it began to apply on July 7, 2014, and during the Varela administration was extended nine times, leaving negative balances at the discretion of some sectors.
The brand-new Cortizo administration announced that it will gradually eliminate the price control system for 22 products of the basic basket, in force since July 2014.
The measure, which was initially announced as temporary, became permanent in the country, as it came into force on July 7, 2014, and during the Varela administration it was extended nine times, leaving negative balances to the discretion of some sectors.
The measure initially defined as transitory, became permanent in Panama, since the beginning of the Varela administration has been extended nine times, leaving negative balances in some sectors.
Juan Carlos Varela will close his administration with a new extension of the controversial measure that regulates the prices of 22 products of the basic basket, affecting several sectors, including meat producers, who report economic losses.
For the seventh time since 2014 the Varela administration has extended the measure that regulates the maximum retail prices of 22 products in the basic basket, up until July 2018.
From a statement issued by the Presidency of Panama:
The Price Control measure continues to offer great economic benefits to Panamanians. If not implemented in 2014, by instruction of President Juan Carlos Varela, the basic food basket would cost B/.394.15 balboas, that is to say, B/.80.04 more than what is currently paid for the 22 controlled products.
The measure, which initially was to last for only six months, was extended until December 2017, meaning that price controls on 22 products in the basic basket will have been in place for a total of three years.
Some of the 22 products whose prices have been regulated since July 2014 are eggs, chicken, potatoes, macaroni and pork chops, among others.
For the fifth time the Varela administration has extended the measure regulating the maximum prices of retail of 22 products in the basic basket, until July this year.
From a statement issued by the Ministry of Economy, Trade and Industry:
The national government has extended, starting from January 7 2017, the temporary regulation of maximum prices for sales of 22 products in the basic food basket (CBA by its initials in Spanish) known as price controls, taking into consideration the positive results from the immediate reduction of CBA costs, giving Panamanians greater access to necessities.
Despite opposition from the business sector, the government has frozen the prices of 20 basic food products and is considering including more.
The products included in the price stability agreement are: beef, pork, chicken, sausages, eggs, bell peppers, onions, tomatoes, potatoes, carrots, squash, coffee, rice, beans, corn, wheat and corn flour, butter, milk, sugar and banana leaves, and their derivatives.
The government has extended until December prices controls on 22 basic food basket products and added six more to the list.
The products that make up the list are vegetable oil, french bread, fresh milk, medium apple, orange juice, sea bass, chicken soup with noodles, soda, oranges, sugar, ham unpackaged, evaporated milk, barjack fish, coffee, lettuce, tomato paste, plantains, bananas, fruit drinks, corn tortilla, mayonnaise, margarine, tomato, carrot, tea, garlic and salt.
Price controls will be extended for six months, and authorities are contemplating including in the list of regulated goods coffee, pasteurized milk, sugar, and oil.
The Price Adjustment Committee has recommended that the 22 products under price regulation be maintained, and that 4 more be included. This is intended to force lowering of prices for the products involved, a measure that has been prolonged for the second time this year.
The government has extended the price freeze on seven basic food products, including red beans and ground beef, for 30 days.
From a statement issued by the Government of Honduras:
The Government of the Republic of Honduras through the Ministry of Economic Development informs the Honduran population in general, that it has been determined by Ministerial Agreement to establish throughout the national territory the maximum retail price for popular consumer products for a period 30 days.
The government has set maximum prices that may be marketed, for the next 30 days, on fifteen basic food products, including pork, eggs, beans and coffee.
The Ministry of Economic Development has classified the most consumed products at this time of year in order to avoid increases and maintain price stability. The measure takes effect from today in all markets in Honduras.