Panama’s president-elect plans price controls on basic foods

By Christine Murray and Elida Moreno PANAMA CITY (Reuters) – Panama’s president-elect will impose price controls on a range of basic foods to dampen rising costs, a step that will hit his bitter rival, outgoing president and supermarket tycoon Ricardo Martinelli. Juan Carlos Varela, the Panamenista Party (PP) leader and winner of Sunday’s election, told Reuters he is clear what his first policy will be when he takes office on July 1. The measure would apply to basic foods such as rice, cheese and meat, Varela said, adding that huge profit margins were being put on basic foodstuffs. “We feel that this is very unfair for the people,” Varela, a 50-year-old U.S.-trained engineer whose family owns Panama’s largest liquor company, said in an interview.