The president of Colombia’s central bank said that the excessive rainy season will affect the price of food in May and the following months, reported El Espectador Tuesday.
Central bank president Jose Dario Uribe it is a surprise that the price of food has remained low but added “We know that now it is having an effect.” The rainy season usually pushes up food prices, but this tends to be temporary.
Some agriculture producer associations estimate losses due to the rains to be greater than $1.5 billion, caused by damage to crops and cattle drowning in the floodwaters. The extreme rainy season of 2011 flooded 2.5 million acres of farmland.
President of the National Retail Federation union, Guillermo Botero in April also said that food prices would rise as a result of the rains.