Brazil has announced cuts in import tariffs on 11 items
Brazil's economy ministry announced Thursday that it will cut import tariffs on 11 items in an effort to ease the impact of high inflation on production and living.
Products to be removed include frozen boneless beef, chicken, wheat flour, wheat, biscuits, bakery products and confectionery, sulphuric acid and corn kernels. In addition, the import tariff for BOTH CA50 and CA60 rebar steel was reduced from 10.8 percent to 4 percent, while that for mancozeb (fungicide) was reduced from 12.6 percent to 4 percent.
Analysts believe that the removal of import tariffs on goods that affect daily production and consumption is aimed at curbing inflationary pressure in the domestic market by lowering prices on the supply side.
Brazil's inflation rate hit 1.06% in April 2022, the highest for the same period since 1996, according to data released by the National Geographic Statistics Agency on Monday. Brazil's cumulative inflation rate over the past 12 months has reached 12.13 per cent.