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% this year.
The center-left Peronist government is battling a slump in popularity and street protests as spiraling prices undermine consumers’ purchasing power, even as a steep deficit and dwindling foreign exchange reserves create risks for the economy. .
The Economy Ministry said in a formal decree that a new “Fair Prices” program, covering consumer goods from food and beverages to cleaning products, would help “stabilize product prices in favor of the consumer”.
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.
Ahead of next year’s elections, dissatisfaction has started to grow, with poverty levels approaching 40%. Thousands protested on Thursday against the government and the IMF (International Monetary Fund), which lent billions of dollars to the Latin American country.
“We have triple-digit inflation. The increase in food prices is barbaric and we are facing a brutal December,” said protester Monica Sulle.
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