This paper examines Mexico’s COVID-19 pandemic price stabilization policy, emphasizing its originality and departure from conventional approaches. Unlike previous administrations that heavily relied on peso overvaluation, AMLO’s government adopted a diverse range of heterodox measures. These included a price agreement to establish a cap on the price of a basket of essential products, strategic stabilization subsidies, emergency buffer stocks, targeted tariff reductions, and a targeted communication strategy. The paper then simulates price shocks using an input-output model of the Mexican economy to identify industries that were systemically significant during the pandemic inflation period (2021–2023). Subsequently, it evaluates the policy’s effectiveness by comparing pass-through estimates across recent inflation periods, revealing evidence that the policy contributed to curbing pandemic inflation.