The President of El Salvador, Nayib Bukeleannounced on Tuesday through X that it will propose the suspension of “all” tariffs on foods that are part of the expanded basic basket and another “70 products” for a period of 10 years, without specifying which these products are.
El Salvador’s president has submitted a proposal that will be sent to the Legislative Assembly for approval. A few weeks ago, the president urged merchants, importers and wholesalers to reduce food prices in order to improve the economy. The Legislative Assembly is dominated by the ruling party Nuevas Ideas (NI).
Suspension of tariffs on basic foodstuffs
By 2019, at the beginning of Bukele’s term, the average cost of the basic food basket was $200.02. However, by 2024, this cost had increased to $256.02 in urban areas and $182.62 in rural areas. This represents a significant increase from the $144.48 recorded in 2019 in rural areas.
The basic food basket includes foods such as bread, tortillas, beans, meat, eggs and fruits, among others, to meet the needs of a family of approximately 4 people.
In El Salvador, the minimum wage for the trade and services sector is US$365, while in the maquila sector it is US$354.36. On the other hand, workers in the agricultural sector receive a salary ranging from US$243.45 to US$272.66.
Most of the basic food basket products consumed in El Salvador come from neighboring countries such as Guatemala, Honduras and Nicaragua, since they satisfy local demand. This dependence is 90% for vegetables, 60% for dairy products, 32% for corn, 25% for beans and 33% for rice.
(With information from EFE)
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2024-07-18 20:20:54
