LatinNews Daily - 04 March 2022

In brief: Colombia suspends tariffs on 165 products due to inflation

* Colombia’s trade ministry has temporarily lifted tariffs on 165 products as part of the government’s efforts to ease mounting inflation. A trade ministry statement announced that tariffs had been “reduced to 0% for six months” on products which had previously been subjected to tariffs of “5%, 10%, and in some cases, 15%”. Colombia’s minister of trade, industry and tourism, María Ximena Lombana Villalba, said that the tariff reduction “will mitigate upwards pressures” on prices, which she said had been caused by supply change disruptions. Annual inflation hit 6.94% in Colombia in January, according to the national statistics department (Dane), while monthly inflation stood at 1.67%. The suspension of tariffs will apply to a wide range of products, including food and drink, grains, agricultural seeds, malt extract, and certain tools.

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