From the Government Different actions have been taken to help reduce the costs of production, transportation, and other issues related to the effects of the inflation to the food price.
One of these measures is setting a zero tariff on a total of 74 inputs used for the production of agricultural goods. In other words, by reducing import costs, an attempt has been made to mitigate the pressure that the inflationary context is exerting on food prices.
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This measure has been established since last year; however, in the month of April, it came to an end. Nonetheless, The Ministry of Commerce, Industry and Tourism has reported that the Government decided to extend the validity of the measure for another twelve months.
“Among the raw materials included in the Decree are: onion, garlic for planting, fresh sweet potatoes for planting, palm nuts and kernels for planting, sugar beet seeds, forage seeds of alfalfa, lettuce, and vegetables for planting, tobacco, milk substitutes for feeding calves, propionic acid salts, medicines for veterinary use, fertilizers, albumins, fungicides and manganese minerals, among others“, explained the Ministry.
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DECREE 0809 OF MAY 25, 2023 Partially modifies the Customs Tariff for the importation of agricultural inputs. Establishes a fee of zero percent (0%) for twelve (12) months.
? pic.twitter.com/0vI9gQwbhW– Trinadora (@Epifania2030) May 31, 2023
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In the event that the provisions of the Bank of the Republicwhich point to the fact that the Consumer Price Index (CPI) around nine percentage points by the end of 2023 and three percentage points by the end of 2024, inflation would begin to decline in the coming months.
“Although this measure was in force for one year, until April 5, the National Government, on the recommendation of the Triple A Committee and the endorsement of the Superior Council for Fiscal Policy (Confis), decided to extend the benefit for one more year, given that upward pressures persist in the production costs of the agricultural sector, impacting the basic basket of Colombians“added the portfolio.
(Droughts due to the El Niño phenomenon would increase hunger in the region).
Nevertheless, The decree established that this will be evaluated periodically, in order to establish whether a new extension may be necessary.
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