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 list of 22 products in the basic basket, whose prices are regulated, will be modified next July 7, according to President Laurentino Cortizo, who confirmed to the media.

See “Price control: From Temporary to Permanent”

Regarding how the measure will be eliminated, Carlos Salcedo, Minister Counselor for Agricultural Affairs, explained to Elcapitalfinanciero.com that “… price control will be eliminated gradually, as President Laurentino Cortizo will be signing an Executive Decree on this issue soon.”

Salcedo added that “… establishing price control in a free market economy is an outburst, but he added that it was something that was inherited, so it will be phased out.”

Some of the 22 products whose prices have been regulated since July 2014 are eggs, chicken, potatoes, macaroni and pork chop, among others.