LatinNews Daily - 01 September 2022

In brief: El Salvador extends freeze on fuel prices

*El Salvador’s 84-member unicameral legislature has approved an initiative proposed by the government led by President Nayib Bukele to freeze fuel prices until 20 October. The move is in line with efforts to address rising inflation which was running at 7.42% in annual terms in July. As well as the freeze on fuel prices, the legislature has also extended measures in place since 13 March suspending two fuel-related taxes – the Fondo de Estabilización para el Fomento Económico (FEFE) and the Contribución al Transporte (CONTRANS). Finance minister Alejandro Zelaya said that the subsidies were costing the government US60m per month.

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