MEXICO CITY, (Reuters) – Mexican President Andres Manuel Lopez Obrador stated on Friday that his administration has spoken to one of Mexico’s most prominent business organizations to request help in persuading businesses not to increase prices due to high inflation.

Inflation in Mexico in November reached 7.37%. This is the highest reading in over two decades. On Thursday, the central bank increased efforts to control price pressures and raised its benchmark rate by 50 basis points. It now stands at 5.50%. This is in line with market expectations.

Lopez Obrador claimed that business leaders are using price increases of 15% to 20%, even though inflation remains lower.

“The Finance Minister has spoken to the president of CCE (Business Coordinating Council) to assist us in speaking with businessmen, so that (prices), aren’t abused,” he said at a regular news conference.

“We will take great care to inflation. This is a very important job,” he said.

Mexico’s largest business lobby, the CCE, is undoubtedly its most powerful.

Lopez Obrador stated that inflation is a worldwide phenomenon, but that it was temporary.