- Advertisement -

Argentine stores to freeze some food prices for 90 days

11

BUENOS AIRES, Oct 13 (Reuters) – The Argentine authorities stated on Wednesday it struck a take care of retailers to freeze the prices of 1,247 food and family merchandise for 90 days to fight inflation because the nation heads towards congressional elections subsequent month.

Consumer prices are rising at virtually 50% yearly because the nation pulls out of a protracted recession.

“We need to stop the ball so that food does not continue limiting the buying power of wage earners,” the nation’s Secretary of Internal Commerce, Roberto Feletti, stated in a press release saying this system.

“The basic food basket in December 2019 was 9% of the average salary and in the last measurement it was 11%,” he stated.

While good for customers, the price-freeze measure might generate discomfort amongst retailers.

The Peronist authorities of center-left President Alberto Fernandez bought thumped in major elections final month. The coalition desires to do higher within the Nov. 14 vote.

Reporting by Lucila Sigal, writing by Hugh Bronstein; Editing by Cynthia Osterman

- Advertisement -

- Advertisement -