Argentina’s government has taken a series of economic measures to contain inflation in the country – which could reach 100 percent by the end of the year – including a 15.6 percent increase in pensions and a price freeze on more than 1,700 consumer goods.
On Thursday, Argentina’s Minister of Economy, Sergio Massa, announced that retirement pensions, as well as universal allowances, would increase by 15.6 percent as from next December, assuring that this increase in purchasing power would benefit 84 percent of the country’s retirees.
In addition, the Government has approved a bonus of 10,000 Argentine pesos (60.17 euros) between the months of December, January and February for those with incomes below the minimum wage, while it will be 7,000 pesos (42.12 euros) for those with incomes equivalent to two minimum wages.
In this way, the Executive has calculated that the annual increase in pensions will be 107 percent, which means a recovery of purchasing power higher than the country’s inflation rate. «Inflation in Argentina is a very big problem for the vast majority of Argentines, but especially for retirees and pensioners,» explained the Minister of Economy.
AGREEMENT BETWEEN GOVERNMENT AND DISTRIBUTION COMPANIES On the other hand, the Government reached an agreement for supermarkets and consumer goods suppliers to maintain «fixed» or «with punctual increases» the prices of more than 1,700 products. «The objective of this program is to provide peace of mind» Massa stressed.
Of the products whose prices have been frozen, some will increase their value by 4% before adapting to the new regulations and others will start with the current prices, but may increase by up to 4 percent per month, according to the agreement signed with the Government.
