Buenos Aires, 21 Mar The Government of Argentina announced on Monday that it will subsidize flour mills to lower the prices of bread and other products based on wheat flour and anticipated that it is studying other measures to seek to put a stop to the accelerated inflation in food values. “We are generating a mechanism to ensure that there will be no shortage of bread on the Argentinean table,” Argentine Minister of Productive Development Matías Kulfas told a press conference. The minister explained that the sharp increase in the international and domestic price of wheat since Russia's invasion of Ukraine has forced Alberto Fernández's government to take such a measure. Specifically, the Executive decided to create a trust to stabilize the price of wheat, whose main objective is to subsidize mills so that, without affecting the higher price they pay agricultural producers for cereal, they charge values similar to those of February for the flour they sell to food industries and bakeries. last, when the war had not yet broken out. This trust will be supported by extraordinary resources from the increase in export duties on soybean products (flour, oil and biodiesel), whose rate increased from 31 to 33 per cent since last Saturday. Kulfas said that industries and bakeries will be required to respect the reference prices for products made from wheat flour established by the Government. SHARP INCREASES The Executive decided to take measures to curb prices after inflation in Argentina rose by 4.7 per cent in February, with a 7.5 per cent jump in food. Kulfas anticipated that the Government is considering other similar measures, such as a fund to stabilize fresh food products. In addition, he said that on Monday he met with companies in the food sector and large supermarkets after detecting that in the last week “unexpected increases” and “totally out of proportion” were detected. Kulfas said that within 24 hours it will be determined which increases are the responsibility of the food industry and which are the responsibility of the commercial distribution chain and then roll back the increases to the values in force as of March 10. The minister warned that the government will not allow unjustified increases.
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