MEXICO CITY (Reuters – Mexico’s Government will announce next week a joint plan with business organizations to bring down prices on staples such rice, beans, and milk nationwide. President Andres Manuel Lopez Obrador made this announcement Wednesday.

After the remarks of President Obama, Victor Villalobos, Agriculture Minister said that the plan would aim to lower prices for basic goods by around 20%.

Villalobos stated that companies responded positively to the plan and that it was short-term. He expected the plan to last only one year.

Mexico’s inflation rate is 7.72%. This two-decade high has been a problem in Mexico. It is eating away at the wallets of millions of people who are poor. Lopez Obrador made it a priority to reduce this level.

As it seeks closer to its target of 3% inflation, the central bank has raised interest rates seven more times.

Lopez Obrador indicated that details about the plan will be presented to him on May 4. The plan includes deals with big producers, distributors, retailers, to keep prices down on around two-dozen types of goods.

Lopez Obrador stated that there were no price controls and that fair prices would be guaranteed in basic goods. He said this during his weekly news conference. Lopez Obrador also stressed the need to have even prices across the country, in capitals, border towns, or along the coast.

Lopez Obrador’s remarks sparked some criticisms about Lopez Obrador, pointing out that too much hand-wringing could lead to disaster.

Tony Payan from Houston’s Rice University said that the Mexican government was exploring price control options. He tweeted this statement. It’s been done before with disastrous economic results.

Mexico’s history has been marked by its efforts to curb inflation. This was evident in times like the 1980s debt crisis and 2007 corn tortilla price spikes that sparked protests on the streets.

Lopez Obrador appealed to farmers to cultivate more of their crops. He stated, “If we can be self-sufficient with food, then we will win.”