Desperation: Argentina Tries Price Freeze To Halt Spiraling Inflation

Turns out socialism still doesn’t work.

BUENOS AIRES, Argentina (AP) — Argentina announced a two-month price freeze on supermarket products Monday in an effort to break spiraling inflation.

The price freeze applies to every product in all of the nation’s largest supermarkets — a group including Walmart, Carrefour, Coto, Jumbo, Disco and other large chains. The companies’ trade group, representing 70 percent of the Argentine market, reached the accord with Commerce Secretary Guillermo Moreno, the government’s news agency Telam reported.

The commerce ministry wants consumers to keep receipts and complain to a hotline about any price hikes they see before April 1.

Argentinian economists warn the country could see inflation around 30% by year’s end. To put that into perspective, America’s inflation rate is about 1.7%.

The socialist Argentinian government is scrambling to cover up its failures, hoping if enough crap is thrown at the wall something might stick.

Among the strategies: Just plain lying. The International Monetary Fund just recently sanctioned Argentina for publishing false economic data. The organization is threatening expulsion unless the accurate data is published.