Published February 05, 2013
Argentina’s leading home appliances retailers have agreed to freeze prices for two months, a day after a group of big supermarket chains pledged to do the same thing, the state news agency, Telam, reported Tuesday.
The agreement comes as Argentine officials are voicing increasing concern about high inflation, which economists have long warned would derail economic growth.
Chain stores including Fravega, Garbarino, Musimundo, Rodo and Chilean retailer SACI Falabella (FALABELLA.SN) each pledged to hold prices steady for at least some products until April 1, according to Telam. The retailers couldn’t immediately be contacted to confirm details of the accord.
The stores will reportedly publish ads in Argentina’s leading newspapers on Wednesday providing more details.
On Monday, major supermarket chains including locally owned Coto CICSA, the Argentine arm of global retail giant Wal-Mart Stores Inc. (WMT), France’s Carrefour SA (CRRFY, CA.FR) and Chilean retail holding Cencosud SA (CNCO, CENCOSUD.SN) agreed to freeze prices on all products for two months.