11 Latin American nations announce inflation battle plan

The leaders of 11 Latin American nations, including its two biggest economies, Brazil and Mexico, announced a plan to work together to address rampant inflation.

The initiative was unveiled after a virtual meeting convened by Mexican President Andres Manuel Lopez Obrador. He said the aim was to give people access to "food and basic products at better prices" through steps such as removing import tariffs and other trade barriers.

The priority is to reduce "the cost of these products for the poorest and most vulnerable." The leaders agreed to create a working group made up of government representatives from each country to determine cooperation measures, particularly in the area of fertilizer.