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Administration Step Up Efforts To Curb Inflation

COLOMBIA
  • Colombia announced measures seeking to tackle the rapid acceleration of inflation, largely attributed to increases in food prices, the nation’s finance minister said.
  • Finance Minister Restrepo announced a package of measures after inflation accelerated in January, more than doubling its 3% target. Speaking alongside high level officials, the following steps were outlined:
    • Central bank will continue its process of normalizing monetary policy
    • Nation will cut costs of agricultural inputs
    • Government will reduce tariffs on agricultural imports
    • Government will work with producers to increase food supply
    • Transport Ministry will seek to improve logistics on main Colombian ports with lower costs
    • Government will provide additional credit lines and insurance for food producers
    • One million additional families will be included in government subsidies (BBG)

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