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Argentine store freezes some food prices for 90 days

Buenos Aires: The Argentine government said Wednesday that it had signed a 90-day freeze on the prices of 1,247 food and household items to combat inflation as the country headed for parliamentary elections next month.

Consumer prices are rising by almost 50% each year as the country emerges from a long recession.

“We need to stop the ball so that food doesn’t continue to limit the purchasing power of wage-earners,” Secretary of the Interior Roberto Ferretti said in a statement announcing the program.

“The basic food basket in December 2019 was 9% of average salary, which was 11% in the previous measurement,” he said.

While good for consumers, price freezes can be offensive to retailers.

The center-left president Alberto Fernandez’s peronist administration was furious in last month’s primary elections. The coalition wants to do better with the November 14th vote.

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Argentine store freezes some food prices for 90 days

Source link Argentine store freezes some food prices for 90 days

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