The Brazilian government officially reduced or exempted import tariffs on 11 products
On the 11th local time, the Brazilian Ministry of Economy announced that in order to alleviate the impact of high inflation in the country on production and life, the Brazilian government officially reduced or exempted import tariffs on 11 products.
Products that have been removed from tariffs include frozen boneless beef, chicken, wheat flour, wheat, biscuits, bakery products and confectionery, sulphuric acid and corn kernels. In addition, the import tariffs on CA50 and CA60 rebars have been reduced from 10.8% to 4%, and the import tariffs on Mancozeb (fungicide) have been reduced from 12.6% to 4%.
Analysts believe that the products for which import tariffs are cancelled are all materials that affect daily production and consumption. The government's approach aims to curb inflationary pressures in the domestic market by reducing supply-side prices.
According to data released by the National Geographical Statistics Institute of Brazil on the 11th, Brazil's inflation rate in April 2022 reached 1.06%, the highest level since 1996 for the same period. Brazil's cumulative inflation rate over the past 12 months has reached 12.13%.