Supermarkets agreed not to increase prices until April

Argentina, February 4, 2013

The Ministry of Domestic Trade, led by Guillermo Moreno, signed this morning an agreement with the chamber groups that administrate the national supermarket to freeze prices until 1 April 2013.

The agreement contemplates Coto, Carrefour, Jumbo, Disco, Libertad, Toledo, La Anónima, among others.

The price agreement, similar to the one used by the Executive when Nestor Kirchner was president, could spread to other chains in the coming days, according to entrepreneurs in the sector ahead.

“We have planned to meet this week. Our idea was to freeze individual products, but still had no definition” said a sector leader representing traditional supermarkets.

Official sources said today that it was signed an agreement until April 1, the date on which an extension could be negotiated.

The agreement will govern even for products that were on sale at the beginning of the month, which should keep its price for two months.

The Government’s decision is part of the Ministry of Economy offensive against inflation.

President Cristina Kirchner herself had called on national TV to make “a vacuum” against companies that increase their prices.