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realclearworld

The Freeze Is On in Argentina

President Cristina Fernandez

Price freezes usually result in major price hikes once they are lifted...

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.

The government announced the price freeze on the first business day after the International Monetary Fund formally censured Argentina for putting out inaccurate economic data. The IMF has given Argentina until September to bring its statistics up to international standards, or face expulsion from the world body in November.

President Cristina Fernandez and her economy minister, Hernan Lorenzino, responded over the weekend with a flurry of attacks on the IMF, saying the agency's data-gathering efforts had lost credibility in the lead-up to Argentina's historic 2001 debt default. They said IMF advice is leading Europeans astray by favoring big banks over measures that can grow economies out of crisis.

However, Lorenzino also said that the government will begin using a new inflation index starting in fourth-quarter 2013 — just in time for the IMF's decision.

5 comments to The Freeze Is On in Argentina

  • raddoc

    Typical come m*erda politics from the Kirschner's. Argentina is once again headed for rampant food shortages, and rampant inflation due to the same old crappy socialist policies.

  • asombra

    Oh, Cretina's no comemierda. She's just another Latrine con artist who gets to be president and make out like a bandit. This Evita Kardashian spends a fortune on her appearance, and it's a miserable waste--she's just an aging witch with too much eyeliner. But don't blame her; blame her cretinous enablers.

  • asombra

    The sad thing is Argentina, with far greater resources than Cuba, could have been way ahead of where it’s been stuck since the Peronista plague set in, and it’s still clueless, or acting like it. If “the people” haven’t figured out what their problem is by now, then they deserve it. As for the embarrassing fashion victim of a president, well, she’s a reflection of those people, and not exactly to their credit.

  • drillanwr

    Reminds me a lot of what/who we are dealing with right now.

    Huh...?

  • asombra

    Yes, Maggie, only Obama doesn't look so bad. That's Michelle's job.