Argentinian Authorities Freeze Tariffs, Food Prices Amid High Inflation - Source

(@FahadShabbir)

Argentinian Authorities Freeze Tariffs, Food Prices Amid High Inflation - Source

The Argentinian government has implemented a set of measures to support the country's citizens and businesses amid high inflation, including freezing tariffs and prices for 60 food items, the Argentinian presidential administration told Sputnik on Wednesday

BUENOS AIRES (UrduPoint News / Sputnik - 17th April, 2019) The Argentinian government has implemented a set of measures to support the country's citizens and businesses amid high inflation, including freezing tariffs and prices for 60 food items, the Argentinian presidential administration told Sputnik on Wednesday.

The inflation rate reached 4.7 percent in Argentina in March alone, coming to 11.8 percent in the first quarter of 2019.

The authorities have agreed with 16 companies that prices for 60 food items, included in the basic shopping basket, will be frozen for at least six months.

"These food items include oil and butter, rice, flour, noodles, milk, yogurt, sugar, canned products, polenta, cookies, jams and drinks," the administration said.

The companies have pledged to ensure these products availability in 2,500 outlets across Argentina.

The price for the basic shopping basket grew by 5.1 percent in February compared to January, while the year-on-year increase made 59.1 percent. The minimal food set for an adult cost 598 pesos ($31.8) in February.

Senior citizens, unemployed citizens, families entitled to children allowances and a range of other categories of citizens will be able to receive discounts, ranging from 10 percent to 25 percent, for certain goods and services, including home appliances, building materials and tourism services.

A total of 18 million people � almost 50 percent of the Argentinian population � will enjoy different discounts. Thus, around 5 million people who receive children allowances will have discounts, ranging from 20 percent to 70 percent, in 5,000 pharmacies nationwide.

Moreover, meat exporters have agreed to sell, in the course of a week, 120,000 kilograms (264,554 Pounds) of meet at a low price of just 149 pesos per kilogram in the central wholesale market in the country's capital of Buenos Aires.

Electric energy, gas and transport tariffs will not increase until the end of 2019.

The government will also support the small businesses. The Argentinian tax service will present a new plan of debt arrangement. Under the new measures, if a client pays for a certain product with a credit card, the terms of payment reception will be reduced to 10 days.

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