Colombia announced, this Sunday (6), a plan to fight inflation in the country, during a speech by the Minister of Finance, José Manuel Restrepo, at the government headquarters. The initiative focuses on the agricultural sector and aims to reduce production costs.
The government will move forward with legislation in the coming weeks to reduce the costs of agricultural inputs and tariffs on imports of products in this sector.
Another measure includes actions to increase Colombia’s agricultural supply through negotiations with producers, since “high inflation is not just a matter of cost,” according to Restrepo.
The transportation and distribution of production will also be improved, according to the Colombian government’s statement, in order to make logistics chains more efficient.
The plan also includes financial measures, such as the generation of new liquidity instruments in subsidized credit for the agricultural sector.
On the monetary front, the country’s Central Bank has raised interest rates in recent decisions, and the base rate is now at 4% per year.
In the latest statement, the local central bank said that it will continue to pursue a policy that makes local inflation converge to the target of 3% per year. Last January, the Colombian consumer price index reached 6.94%.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
