LatinNews Daily - 19 October 2020

*Brazil’s economy ministry has announced that it has decided to temporarily suspend the tariffs levied on soya and maize imports from outside the Southern Common Market (Mercosur) in a bid to contain food price inflation. According to a ministerial press release, following a meeting with the foreign trade chamber (Camex), it has been decided that the 8% tariff levied on non-Mercosur soya and maize imports will be reduced to 0% until January and March next year, respectively. The move comes after the national inflation rate reached 0.64% in September, the largest increase for the month since 2003, driven by a 2.28% increase in food prices. Rising food prices have been attributed to the sharp increase in the price of ingredients widely used in food production such as soya oil, soya meal, and maize. Previously the government had announced the suspension of tariffs on rice imports until the end of the year to try to contain food price inflation.

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