The Argentine government renewed a price agreement with supermarkets for 90 days that stipulates a 5% monthly increase in shelf products, Customs Director Guillermo Michel said.
“We are establishing a fiscal balance mechanism for companies so that in this way they do not transfer the increase in the exchange rate to the product consumed by Argentines,” Guillermo Michel, the head of the new price renegotiation unit, announced during a press conference.
The Secretary of Commerce, Matías Timbolini, indicated that the price programs “are one more tool that aims to consolidate a type of tool that tries to address this scourge that is inflation.”
“The day it became known that inflation in July was 6.3%, the Government of Argentina met with hypermarkets, supplier companies, and product marketers to agree on a new price agreement,” Timbolini said.
“There is no reason to have increases outside of what is stipulated,” Timbolini added.
The measures are taken two days before the primary, simultaneous, and mandatory elections (PASO), in which the right-wing economist Javier Milei was the winner with 30% of the votes.
