On 30 April 2022, the Government of Peru announced the adoption of Law No. 31452, exempting sales and imports of chicken meat, chicken eggs, sugar, pasta and bread Value Added Tax (VAT) from 1 May to 31 July 2022. The law also introduces VAT deduction, in an ex-post manner, on sales and imports of the main inputs for these five products, which include yellow maize, corn starch, soybean and maize oils, sugar cane and, wheat grain and flour. The law aims to stabilize the domestic prices of basic food items amid soaring food prices.

The country imports about 90 and 70 percent of its domestic consumption requirements of wheat and maize, respectively. Prices of wheat flour have been rising since mid-2021 supported by high international quotations, in combination with increasing production costs. As of April 2021, they reached record-high levels, about 60 percent higher year on year. Similarly, price of yellow maize and chicken meat in April were nearly 15 and 25 percent above their year-earlier levels.