Bukele investigates supermarkets for price hikes in El Salvador \ stacker news ~Politics_And

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Bukele investigates supermarkets for price hikes in El Salvador www.elnuevoherald.com/noticias/america-latina/article289873834.html

358 sats \ 10 comments \ @drlh 10 Nov Politics_And_Law

"This day we have started a second and important effort (...) to carry out a series of investigations, a line of investigation in supermarket chains," said the head of the state Consumer Ombudsman, Ricardo Salazar, at a press conference. On Sunday Bukele announced that after cornering the gangs he will fight the business "mafias" that raise the prices of products and increase the cost of living.

(This article is from 9th july)

well well, he tries to tackle price hikes like the gang problem, while imposing the price control? Do I miss something? Prove me wrong.

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36 sats \ 2 replies \ @_stacktoshi 10 Nov

As long as the barrier to entry is low, let these “mafias” price their products however they want. Methinks rising prices might have something to with rising living standards and demand increasing compared to supply. Aren’t foreign bitcoiners adding to demand??

21 sats \ 1 reply \ @drlh OP 10 Nov

I don't think the mass of foreign bitcoiners would have influenced the prices really much. There would have been more businesses accepting bitcoin than is now.

Perhaps the price could be influenced by external markets, el salvador imports much food, vegetables for sure. Being almost free of tariffs.

0 sats \ 0 replies \ @_stacktoshi 11 Nov

More stores accepting bitcoin wouldn’t affect supply and demand of the products though, right? Hasn’t purchasing power for food has gone down in BOTH currencies? I assume if prices rise in one currency, it rises in the other too.

36 sats \ 2 replies \ @Msd0457890 10 Nov

I don't think he wants to impose price controls, his management has been excellent.

1 sat \ 1 reply \ @drlh OP 10 Nov

https://www.elsalvadornow.org/2024/06/19/potatoes-at-1-50-per-pound-and-chayotes-at-1-00-or-1-25-price-hike-in-national-markets-denounced-papa-a-1-50-libra-y-guisquiles-1-00-o-1-25-denuncian-alza-en-precios-en-mercados-naci/

Salvadorans denounce unjustified increases in basic food basket prices; according to the Consumer Protection Agency, this practice will be sanctioned with a fine of up to 500 minimum wages.

Consumers claim that prices changed in recent days, possibly due to rain. They are asking authorities to act against these actions, as, according to them, sellers justify the increases due to product scarcity, increased taxes, or rain.

Consumer protection. Still the investigation thing is overkill for me.

0 sats \ 0 replies \ @Msd0457890 11 Nov

Thank you for the information, it is very complete.

21 sats \ 1 reply \ @wingalt 11 Nov

Finally showing his true color? History shows than south American socialism has its appeal but never ends well

0 sats \ 0 replies \ @Bell_curve 11 Nov

https://elsalvadorinenglish.com/2024/07/10/el-salvador-to-open-daily-mobile-markets-to-counter-high-food-prices/

15 sats \ 1 reply \ @Bell_curve 11 Nov

Is he referring literally to mafia and organized crime?

21 sats \ 0 replies \ @drlh OP 11 Nov

He was refering to supermarkets raising unexpectedly price, and so he called those business owners mafia. How justified is I don't know.