The Argentine government has announced that it will freeze the prices of some 1,500 mass consumer products for 90 days as of Wednesday, a measure that seeks to curb inflation, but has encountered resistance in business sectors.
“It does not seem like a great effort for companies to maintain the prices of about 1,500 products for 90 days,” said the Secretary of Internal Trade, Roberto Feletti, at a press conference. The cost of living rose by about 37% between January and September. In this last month, it stood at 3.5%. 40% of the population is in poverty, according to official figures.
Before the announcement, the Coordinator of the Food Products Industries, an employer entity that groups together hundreds of companies, mostly food and beverages, indicated in a statement that “the conditions to reconcile the possibilities of the sectors against the request for price stabilization ”.
“They did not reject the resolution by decree outright. There is a sustained vocation to continue dialoguing with companies ”, said Feletti. Inflation this year will reach 48.2%, according to the latest Central Bank survey conducted with the 42 largest consulting firms, research centers, financial institutions and foreign analysts.
The survey also indicated that the economy is expected to grow 7.6%. Last year, in the midst of a pandemic, the decline was 9.9%.
The country is summoned on November 14 to mid-term legislative elections to partially renew Congress. Peronism suffered a setback in the mandatory primaries in September by adding 32% of the votes compared to 40% of the right-wing opposition.
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