Food prices show biggest fall in 10 years

THE DECLINE in food prices in Panama has been the largest in 10 years and attributable to price controls implemented last month says President Juan Carlos Varela. Surveys by the Ministry of Economy and Finance, the Comptroller and the Consumer Protection Agency have all determined that food prices have fallen since the measure went into effect..

Says Varela “”Every day thousands of Panamanians are saving money due to this measure.”

Minister of Trade and Industry Melitón Arrocha, said that expanding the controls could lead to more benefits for consumers. At the end of July, the ministry estimated that the cost of basic food items had decreased to $318.48, representing a decrease of 7.7 percent or $26.45 from June 2014. The Comptroller reported that prices of food and drinks fell 3.1 percent in July, mainly due to the decline in the price of rice, beans and dried vegetables.