Argentina to freeze prices of goods in bid to tame inflation

April 17, 2019
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A array of fruits and vegetables are displayed for sale at a street market in Buenos Aires, Argentina, Tuesday, April 16, 2019. Argentina's national statistics official agency announced the inflation figures for March. Despite efforts by President Mauricio Macri's government to tame runaway inflation the monthly metric continues to present troubling results. (AP Photo/Natacha Pisarenko)

BUENOS AIRES, Argentina (AP) — Argentina’s government is freezing the prices of 60 essential products and some services in a bid to tame spiraling inflation.

President Mauricio Macri announced Wednesday that the goods affected include flour, oil, rice and personal hygiene items. He also said prices for services such as telephone plans will not be raised.

Macri said in a video message that he is “convinced we are going to win the battle against inflation.”

The annual inflation rate in the South American country is nearly 50 percent — one of the world’s highest.

Economists say the latest announcement appears to resemble the populist policies of former President Cristina Fernández, who led the country from 2007 to 2015.

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