28 Jan '11, 9am

Indonesia suspends food import duties

Indonesia suspends food import duties

JAKARTA: Indonesia has suspended import duties on wheat, soybeans, fertiliser and other food-related items for the rest of the year as it battles inflation, an official said Friday. The government escalated its fight against rising food prices that have increased pressure on the central bank to raise interest rates in Southeast Asia's biggest economy, a concern felt around the region. The finance ministry said it decided to suspend the duties until December 31 in a bid to anticipate a shortage in supply that would hike food prices. "The policy is also to help curb inflation," said Bambang Brodjonegoro, acting fiscal policy head at the finance ministry. The government had scrapped import duties for rice products last year, which remains in place until March. Extreme weather has disrupted crop production and distribution, pushing 2010 annual inflation to near seven percent, ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific/vi...

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