The Minister of Economy of Argentina, Sergio Massa, informed on Monday (Oct. 31) that the government is preparing an economic plan to freeze prices to contain inflation.
The program is expected to last 120 days between December 2022 and March 2023.
The information is from the Argentinean newspaper Clarín.
According to Massa, the price freeze will apply to 86% of products considered to be mass consumption by the population.
Companies that fail to comply may be fined up to US$240 million.
Argentina’s Trade Secretary Matías Tombolini is negotiating with representatives of leading brands in the food, hygiene, and cleaning products industry to establish reference prices.
According to manufacturers from the Argentine newspaper, there has been no news about the negotiations since the last meeting in mid-October.
Inflation rose 6.2% in September and reached 83% over 12 months. The October rate should be released in the coming weeks.
The tabulated prices can be consulted through the application “Mi Argentina”, returned by the government.
Through the platform, it will be possible to consult the values by bar code and report the establishments that are not complying with the freeze plan.