Argentina: new price controls to fight inflation
BUENOS AIRES, Argentina (AP) — Argentina’s government is launching its latest price control program to curb high inflation.
The one-year program started Monday sets prices on 194 supermarket items. They include staples like milk bread and meat as well as other items like canned goods and cleaning products.
Consumer prices are one of the most pressing worries for Argentines.
The government says inflation is running around 10 percent a year. But independent economists say the rate is really more than double that.
The International Monetary Fund also says the official statistics agency underreports inflation. The IMF is now working with the government on a new index.
President Cristina Fernandez must also deal with low economic growth and dwindling reserves. Argentina’s union leaders are expected to demand pay raises in line with the higher inflation rate.