64. Vanguard on Mexico’s savings gap; food inflation; Plata; fracking; ice cream and and motorcycles

We interview Adriana Rangel, Head of LatAm distribution at Vanguard, on one of Mexico’s biggest long-term weaknesses: why retirement savings remain so low despite gains in financial inclusion and average incomes. The answers include still low incomes relative to living costs, low female labor participation, high informality, poor financial education, and complexity and high cost of many existing financial products.Eduardo and Damian first turn to the week’s key stories: • Tomato prices surge: up as much as 100% YoY, pushing inflation higher, while tortilla prices also look set to rise. • Fracking reconsidered: Sheinbaum shifts policy, but cheap US gas remains hard to compete with. • Plata at a $5bn valuation: a major fintech milestone and a sign of renewed capital flows. • GS Motos hits 10 million motorcycle units sold: a major success story now facing stronger Indian competition. • Herdez’s ice cream JV with Froneri marks another step toward its leaner operating model.