Argentina freezes prices of over 1,400 goods amid rising inflation

The Argentine authorities have set maximum prices for 1,423 products in stores, saying violators will be sanctioned according to law, the Ministry of Productive Development said on Wednesday.

In September, Argentina saw a sharp increase in inflation, which reached 3.5 per cent compared to 2.5 per cent in August.

"The Ministry of Commerce of the Nation issued a resolution that establishes the 'temporary fixation of maximum prices for sale to the consumer for all producers, marketers and distributors of 1,432 mass consumption products throughout the national territory," the ministry's press release said.

The decision is intended to return product prices to their level as of October 1, and maintain them there until January 7, 2022, which "was agreed by a large percentage of the representatives of the participating companies (both manufacturers and retail chains)," the press release said.

This is not Argentina's first price freeze in the past few years against the backdrop of inflation. Since the beginning of the year, inflation has risen to 37 per cent and in September to 52.5 per cent, making Argentina the country with the highest inflation rate in Latin America after Venezuela. (ANI/Sputnik)

( With inputs from ANI )

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