Argentine stores to freeze some food prices for 90 days By Reuters
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© Reuters. FILE PHOTO – Demonstrators marched to protest unemployment, food insecurity, and lack of resource near Eva Peron (Argentina’s ex-first lady), in Buenos Aires on September 16, 2021. REUTERS/Mariana Nedelcu BUENOS AIRES, Reuters – On Wednesday the Argentine government announced that it had reached a deal to stop inflation by freezing the prices for 1,247 household and food products for 90 days. This is in response to the country’s upcoming congressional elections.
The country is coming out of long-term recession and consumer prices are increasing at nearly 50% per year.
Roberto Feletti (Secretary of Internal Commerce) stated that “we need to end the ball” so food doesn’t continue to limit the purchasing power of wage-earners in a statement.
He said that the December 2019 basic food basket was 9 percent of an average income and the latest measurement was at 11%.
Although the price freeze is good news for consumers, it can cause discomfort to retailers.
Last month, the Peronist government led by President Alberto Fernandez (center-left) was defeated in primaries. This coalition is determined to win the Nov. 14 election.
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