Wage, Price Controls Extended: Mexican President Carlos...

Wage, Price Controls Extended: Mexican President Carlos Salinas de Gortari will extend wage and price controls beyond the July 31 expiration date, newspapers said. Salinas said the controls must remain in force to ensure improved living standards for workers. The controls went into effect in February, 1988, after prices soared 159.2% in 1987. Inflation was reduced to 51.7% last year. Under an agreement, the government pledged to curb spending, labor to hold down wage demands and business to freeze prices.