(Bloomberg) -- Cargo theft is raising grocery prices in Mexico as business leaders express concerns over growing insecurity.

In periods in which transportation theft increased for at least three months in a row, grocery prices in Mexico rose by as much as 7.6% more than they otherwise would, according to a study by AI27, a security and logistics firm based in Mexico City that relies on artificial intelligence. There was an increase in theft from November 2023 to February 2024, suggesting it could impact prices over the course of the year.

The states with the most robberies in February included Estado de Mexico, Jalisco, Puebla and Nuevo Leon, the study noted.

Business leaders view the country’s security issues as one of the bigger risks to economic growth, according to a Banco de Mexico regional economic report that surveyed Mexican firms. Last month, thousands of truck drivers took to the country’s main roads to protest rising insecurity and extortion. 

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