Ecuadorian Government would regulate 46 food prices

Ecuadorian government will set new prices for its food

Ministries of Agriculture (Magap) and Industry and Productivity, fixed the benchmark prices of beef, pork, chicken, also some vegetables, fruits and grains, in accordance with the Executive Order 1438, issued on February 22.

The document has a list of 46 products that have a reference price, “to serve as a basis for control speculation.” For their part, managers of the wholesale price will be placed in visible places.

The new prices will be established with a minimum of 30 data collected from different markets and carry out a calculation to determine the values. These amounts will be published every five days of each month on the websites of the ministries appointed.

These state departments will have a maximum of 90 days since the legislation takes effect, to present the information at the wholesale prices of other common products in the listing.

Regarding this issue, Jorge Glas, the Vice President elected, said yesterday that “it is a decree which allows setting a price control efficient for municipalities, which is what was needed.”

While wholesalers expressed their concern about this new provision and say that besides the background of the prices, there are factors that affect the cost of products, like the production season and climate. The president of the Central Wholesale Market Traders of Ambato, Mario Mayorga said that agricultural products require production capacity studies.

According to INEC, Division of Food and Non-Alcoholic Beverages was the biggest contributor to inflation statistics (32.06%), which was recorded at 0.50%.

46 products that have a fixed price

Rice flower, oats, beef bone, mashed beef, boneless beef, pork bone, pork chop, pork ribs, chicken pieces, whole chicken, milk, chicken eggs, lemon, mandarin, passion fruit, orange, naranjilla, banana, melon, papaya, pineapple, plantain, green banana, watermelon, avocado, berries, grape, apple, tree tomato, broccoli, cabbage, lettuce, garlic, onion, paitena onion, peppers, kidney tomatoes, tender peas, corn, beans tender broad beans, dry beans, lentils, potatoes, melloco and cassava.