Argentina Freezes Food Prices "To Break Inflation Spiral"Submitted by emalvini on Mon, 02/04/2013 - 19:38
BUENOS AIRES, Argentina (AP) — Argentina announced a two-month price freeze on supermarket products Monday in an effort to break spiraling inflation.
The price freeze applies to every product in all of the nation's largest supermarkets — a group including Walmart, Carrefour, Coto, Jumbo, Disco and other large chains. The companies' trade group, representing 70 percent of the Argentine market, reached the accord with Commerce Secretary Guillermo Moreno, the government's news agency Telam reported.
The commerce ministry wants consumers to keep receipts and complain to a hotline about any price hikes they see before April 1.
Polls show Argentines worry most about inflation, which private economists estimate could reach 30 percent this year. The government says it's trying to hold the next union wage hikes to 20 percent, a figure that suggests how little anyone believes the official index that pegs annual inflation at just 10 percent.