Mexico will increase production of staple foods such as corn, rice and beans as part of a plan agreed with business leaders to contain inflation, Finance Minister Rogelio Ramirez de la O says.
Ramirez was speaking at a news conference alongside President Andres Manuel Lopez Obrador, who said the plan aimed to ensure fair prices for a basket of staple foods.
Mexico was not planning to apply price controls, Lopez Obrador said.
Ramirez also said billionaire Carlos Slim, Mexico's richest man, had told the government his Mexican telephone businesses Telmex and Telcel would not raise prices for the rest of 2022.
Lopez Obrador said Mexican supermarket chains such as Chedraui and Soriana were supporting the anti-inflation plan.
Breadmaker Grupo Bimbo also backed the initiative, and is set to maintain its white bread prices for six months, company executive Liliana Mejia told the news conference.
Mexican annual inflation reached 7.72 per cent in the first half of April, a 20-year high which could prompt more interest rate increases by the central bank.