Argentina freezes the price of more than 1,430 products to curb inflation

RIO DE JANEIRO, BRAZIL – The Argentine government agreed with business people to maintain the prices of more than a thousand essential products in the family basket for 90 days, to contain inflation, one of the highest rates in the world, which accumulated 37% in 2021.

According to the agreement, the prices of these products, corresponding to food and cleaning, should fall until October 1 and remain unchanged until January 7.

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“The key is to curb inflation and ensure a high consumption quarter,” Feletti told El Uncover radio. The National Statistics Institute announced on Thursday that inflation in September was 3.5%, bringing the year-on-year rate to 52.5%.

Inflation is an ongoing problem in Argentina, which recorded double-digit annual rates for two decades. The price agreement expands and promotes the “Care Pricing” program, launched in 2014 to establish reference values for 500 essential products in the family basket as an anti-inflationary tool.

The new price agreement was approved in the context of protests by social organizations, demanding more food aid and support due to the economic crisis that keeps 40% of the population in poverty.

It also announced a complementary payment that, starting in October, will benefit almost two million registered employees.

Argentina will hold legislative elections on November 14, in which the government will try to maintain a majority in the Senate, with two years of its term remaining.