Argentine stores to freeze some food prices for 90 days

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Buenos Aires, Oct 13 (Businesshala) – The Argentine government said on Wednesday it has struck an agreement with retailers to freeze the prices of 1,247 food and household products for 90 days to combat inflation, as the country next The month is leading up to the Congress elections.

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As the country exits the long recession, consumer prices are rising at a rate of about 50% annually.

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“We need to stop the ball so that food doesn’t limit the purchasing power of wage earners,” the country’s interior commerce secretary Roberto Felletti said in a statement announcing the program.

“Basic food basket was 9% of the average salary in December 2019 and it was 11% in the last measure,” he said.

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While good for consumers, the price-freeze measure could spell trouble among retailers.

The Peronist government of centre-left President Alberto Fernández was defeated in primary elections last month. The coalition wants to do better in the November 14 vote.

Reporting by Lucilla Siegel, Writing by Hugh Bronstein; Editing by Cynthia Osterman

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