(Reuters) – Argentina’s economy ministry announced yesterday a price control program to bring down the cost of popular beef cuts amid ongoing high inflation.
During a press conference, an economy ministry official said some popular cuts of meat would see prices drop around 30%.
In a separate statement, the ministry said the program has been applied to seven different types of meat and will be in effect until March 31, when a smaller price cut of 3.2% will come into play until June 30.
“The average price at which supermarkets were selling the (meat) cuts have been lowered by an average of 35%,” it added.
The announcement comes as the South American nation faces one of the highest inflation rates worldwide, which is expected to rise annually near 100% and to top 6% in January alone.
Drought in the country has also forced beef prices up, the ministry noted.