LatinNews Daily - 17 May 2022

In brief: Mexico suspends import duties on basic goods

*Mexico’s President Andrés Manuel López Obrador has suspended import duties for one year on a range of basic goods as part of his plan to address rising inflation. A list of affected items appeared in the official gazette (DOF) including beef, chicken, tuna, milk, eggs, potatoes, corn, rice, wheat, bread and soap, as well as vegetables such as tomatoes, onions, carrots and leafy greens, and fruit including apples, oranges and limes. Duties will also be suspended on imports of live cattle, pigs, sheep, goats and chickens. The measures, which may be extended if necessary, are part of the government’s recently unveiled anti-inflation plan that seeks to increase national self-sufficiency and lower import and distribution costs to limit the impact of rising inflation for consumers. Annual inflation stood at 7.68% in April, far above the 3% +/-1 target range set by Mexico’s central bank (Banxico).

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