LatinNews Daily - 22 August 2023

In brief: Argentina extends price control agreement

* Argentina’s economy ministry has announced a list of 340 companies from the main consumer sectors that have renewed their commitment to the government’s ‘Precios Justos’ price control programme. The list includes major companies selling clothing, household appliances, fuels, pharmaceuticals, mass consumption, motorcycles, mobile phones, and mass consumption products, as well as supermarket chains and wholesalers. This comes two days after Economy Minister Sergio Massa announced that the government had agreed a price-control deal with the main mass consumption companies and 31 supermarket chains to cap price increases at 5% per month for 90 days for more than 52,300 products. Companies that enter the agreement and comply with the 5% cap receive tax and fiscal benefits while the economy ministry has also announced a credit programme at subsidised rates for small- and medium-sized businesses (SMEs) supplying supermarkets. Precios Justos was initially launched in November 2022, fixing the prices of over 1,700 mass consumption products for 120 days. It has since been extended and expanded as Argentina continues to battle soaring inflation, which stood at 115.6% in annual terms in June.

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