Government Slashes Import Fees on Livestock and Olive Oil to Combat Soaring Prices
Battling Inflation: Government Slashes Import Taxes on Essential Foods
In a bid to combat soaring food prices, the government has announced the removal of import taxes on several key food items. This strategic move aims to stabilize the cost of living for citizens and ensure access to affordable and essential foodstuffs.
Easing the Burden on Consumers’ Wallets
The newly implemented policy targets three primary food groups:
Olive Oil: Recognizing its importance in the local cuisine and the rising global prices, import duties on both virgin and extra virgin olive oil have been lifted. To prevent potential market shocks, a temporary import quota of 10,000 tons has been set. This strategic approach aims to strike a balance between affordability and market stability.
Livestock: Import taxes on live cattle and sheep have been completely removed, aiming to bolster domestic meat production and offer consumers more affordable protein options. This measure directly addresses the increasing cost of meat, a staple in many households.
- Prepared Meats: To further enhance affordability and provide consumers with a wider range of choices, import duties on prepared meats of cattle, sheep, goats, and camels have also been eliminated. This move is expected to diversify options available to consumers and potentially curb price hikes on processed meat products.
A Global Trend in Tackling Inflation
This proactive approach to managing food inflation aligns with global trends. Many countries are grappling with the rising cost of living, fueled by factors like supply chain disruptions, geopolitical instability, and climate change impacting agricultural yields. For instance, according to the Food and Agriculture Organization of the United Nations, the global food price index averaged 125.7 points in 2023, a significant increase from previous years.
By strategically removing import taxes on essential food items, the government aims to provide immediate relief to consumers feeling the pinch of rising prices. This measure, coupled with potential long-term strategies to strengthen domestic food production, reflects a commitment to ensuring food security and affordability for all.
