The Argentine government announced this Friday (11) an agreement with supermarkets and suppliers of mass consumer goods to freeze or regulate the prices of around 1,500 products, in an attempt to contain inflation that is expected to reach 100% in December, in the midst of a major economic and political crisis of the Peronist government of Alberto Fernández.
The measure should cover products such as food, beverages, hygiene and cleaning items. Argentines who notice a price increase, as soon as the measure goes into effect, will have at their disposal an application that will be created by the government to inform, in a broad and official way, the “frozen” price of the products.
Some items will be up 4% before entering the four-month price freeze scheme, while others will start the program at current rates but can increase by up to 4% per month.
With elections scheduled for next year and poverty levels close to 40%, thousands of Argentines protested on Thursday (10) against the government and the International Monetary Fund (IMF), which lent billions of dollars to the Latin country. -American.
Spiraling prices undermine consumers’ purchasing power and dwindling foreign currency reserves create risks for the economy. The value of different products in the country is rising at the fastest pace since the 1990s, due to problems caused by printing money and vicious cycles of price increases by companies, compounded by global increases in the costs of fertilizers for agriculture and imports. of gas.
#hyperinflation #Argentina #announces #price #freeze #products