Investing.com -- The Brazilian government has announced plans to acquire a minimum of 445,000 metric tons of rice, corn, and beans within the year. This move is part of an effort to bolster food reserves in the face of persistent inflation, as reported by Valor Economico newspaper on Monday.

This decision to increase food stocks represents a departure from the strategies of prior administrations, suggesting that the government is grappling with controlling inflation.

In the previous week, Brazil reduced import duties on certain food items in an attempt to curb escalating food costs. However, some experts deemed this action as ineffective.

As part of the government’s strategy, the crop agency Conab is set to receive an additional budget of 350 million reais ($60.35 million) this year specifically for grain purchases. This information was provided by Conab president Edegar Pretto, according to Valor.

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