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Dominican Republic: Concern as imported raw material prices soar 33%

Santo Domingo.-The prices of raw materials imported by the country – such as soybeans, corn and fuels, among others – have soared 33% during the last year, according to the economist Roberto Despradel.

During a presentation Thursday before the Association of Industries of the Dominican Republic (AIRD), Despradel pointed out that there is an expectation of inflation worldwide in a period that should not be long. “We would like the transience to be shorter.”

The rise in raw material prices has been caused by situations ranging from the shortage of containers from China – which has had a domino effect on the entire distribution chain – to an unexpected increase in demand for staples, through weather events.

COVID-19 has represented challenges at all levels, and the AIRD directive indicated that industrialists are “open and willing” to do their “best efforts not to generate distortions in the economy.”

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