Jump in price of tortillas causing peso to fall flat
By VALERIE ROTA
BLOOMBERG NEWS
An increase in the cost of tortillas, a staple of the Mexican diet since the Maya ruled 1,000 years ago, has triggered a slump in the peso.
Tortilla prices jumped 5.9 percent in January, the most in eight years, after costs climbed for corn, the main ingredient. That increase fanned inflation and a bond market rout that curbed demand for the currency. The peso has fallen 2.3 percent in the past month, making it the world's second-worst performer against the dollar among the 70 currencies tracked by Bloomberg.
By VALERIE ROTA
BLOOMBERG NEWS
An increase in the cost of tortillas, a staple of the Mexican diet since the Maya ruled 1,000 years ago, has triggered a slump in the peso.
Tortilla prices jumped 5.9 percent in January, the most in eight years, after costs climbed for corn, the main ingredient. That increase fanned inflation and a bond market rout that curbed demand for the currency. The peso has fallen 2.3 percent in the past month, making it the world's second-worst performer against the dollar among the 70 currencies tracked by Bloomberg.
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