As Argentina’s economy experiences worsening inflation rates and a higher amount of poverty and discontent from their population, the government on Friday announced a price freeze of thousands of products as a way of curbing increasing inflation in the country.

The new “Fair Prices” program was announced by the Economy Ministry of Argentina as a way of addressing the decreasing amounts of purchasing power that the typical Argentinian finds themselves in, with the hope being that the prices stabilize “in favor of the consumer,” according to Reuters.

Inflation in Argentina has gotten out of control, with price increases on food and non-alcoholic drinks going up 6.7% just last month compared to August, while alcohol and tobacco prices jumped up 9.4% in a similar timeframe, Just Drinks reported.

The “Fair Prices” program would ensure that the 1,500 to 1,700 products covered will not rise by more than 4% in prices for at least four months, with some products taking the 4% rise now, while others will gradually raise their prices by only 4% in the upcoming months.

The country is set to experience over 100% inflation rate by the end of the year, and this has caused discontent in the population, leading to protests. The protestors are coming out on the streets in anger as the reported poverty rates in the country reach almost 40%.

“We have triple-digit inflation. The rise in food prices is barbaric, and we are looking at a brutal December,” protestor Monica Sulle said.

Potential ways for the Argentinian government to sway voters and protestors to their side is reportedly being stymied by a $44 billion deal with the International Monetary Fund which requires that the government comply with high and unpopular spending cuts mandated by the international body, Fortune reported.

The increasing inflation rate has also caused the resignation of seven ministers working with President Alberto Fernandez since June, including much of his economic team. It is unclear what other steps the Argentinian government will be taking to address the increasing inflation and economic problems of the country.

“Until two or three months ago, people could eat every day. Now they can't because the basic food basket has increased dramatically, and salaries are losing ground,” citizen Sebastian Martino said.

Argentina Price Freeze Rep. Pic
As a way of reducing the effects of inflation in the country, the Argentinian government has announced a price freeze of at least 1,500 products as a way of ensuring the buying power of the public. This is a representational image. Jacopo Maia/Unsplash.

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