Argentina’s government established a price deal for retailers that would limit monthly hikes to a maximum of 5% for 90 days as the country strives to contain triple-digit inflation ahead of a high-stakes election.
Economy Minister Sergio Massa made the announcement following a meeting with shop executives, stating that officials achieved an agreement with representatives of 31 local grocery chains to “stabilize” pricing until the October national elections.
Massa is running for president as the standard-bearer of the ruling Peronist alliance, which he won in a primary poll last Sunday.
The center-left minister will face extreme libertarian Javier Milei, who received the most votes in the nationwide primary, and center-right candidate Patricia Bullrich.
The agreement includes tax breaks for supermarkets that do not raise their prices by more than 5% each month, as well as a credit scheme for small and medium-sized businesses that supply supermarkets, according to a statement from the ministry.
