Argentina to Freeze Fuel Prices to Curb Inflation

Emmanuel Addeh in Abuja

 Argentina’s economy ministry has said that it will freeze fuel prices until October 31 after an agreement with the industry as a measure to help tamp down triple-digit inflation.

In a statement, the ministry said the government will cut taxes in exchange for the price freezes, but added that the tax benefits can be “taken away” if companies violate the agreement.

The agreement followed a meeting between economy minister Sergio Massa and executives from oil companies such as YPF and Vista earlier, Reuters reported.

The South American nation has been battling against sky-rocketing annual inflation which topped 113.4 per cent through July, with monthly inflation set to rise again in August.