Panama president inspects food price controls in supermarkets

Panama president inspects food price controls in supermarkets
lunes 7 de julio de 2014 16:05 GYT

MEXICO CITY, July 7 (Reuters) - Panama's new president on Monday visited supermarkets to check that they had implemented food price controls to cut the cost of living, measures which also will hit the pocket of his predecessor, retail magnate Ricardo Martinelli.

The controls on 22 basic goods including potatoes, beans, chicken and tuna, fulfill a campaign promise made by center-right President Juan Carlos Varela, who won election in May.

"This state effort is aimed at benefiting all Panamanians," Varela said arriving at one supermarket in Panama City.

The controls are supposed to save Panamanian families $58 a month. At up to $624 per month, the minimum wage in Panama is high, but the country has a large informal economy and the cost of food has been running higher than overall consumer prices.

Varela previously served as vice president to Martinelli, who owns one of Panama's largest supermarket chains.

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