Several Mexican-made beers, including Modelo, Corona, and Pacífico, will be rising in price after the manufacturer of the liquor, Grupo Modelo, said inflation was behind the increase.
The announcement was made by Mexico’s National Small Business Association, listing other affected beers like Modelo Especial, Victoria, Negra Modelo, Montejo, and León.
It is still unknown how much more the beer will cost, as the announcement did not say what the price tags will read.
Grupo Modelo isn’t alone in raising its prices either, as the world’s second-largest brewery, Heineken, also announced it would be raising prices this year to offset costs.
While the U.S. reported another month of cooling inflation, with November being at 7.1%, Mexico's national inflation remains high, currently sitting at 8.5%, Mexico Daily News reported.
But like many areas, inflation has not hit everything the same, and according to Mexico’s national statistics institute, INEGI, beer prices in Mexico rose in October by 11.7%. This is big, with the country consuming an average of 55 to 68 liters of beer every year.
The trend of rising prices fits with what’s being seen globally, as in the last two years, the cost of producing beer has increased by 62%.
In the U.K., the price of beer also rose after the cost of production far outpaced the already rising inflation, a CNBC report said.
Production costs have increased in part due to prices of malt, sugar, yeast, hops, and more having skyrocketed across the world.
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