05/12/2012 - Due to the uncontrolled increase in food prices due to speculation, Panameñista President Juan Carlos Varela said that he is developing a plan to increase the minimum wage and lower prices.
The presdential candidate stated that he would immediately institute emergency price controls to prevent further speculation.
Varela, who is also the vice president, stated that polls clearly show inflation is one of the highest concerns of residents. He said the government needs to be more focused on solving the problems of the people.
He emphasized that from 2007 to 2011, food prices increased 7.2 percent per year whereas prices received by domestic producers only increased 3.2 percent.
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