News like this is so depressing. Why won't people learn from experience (if not from economists)?
A group representing two-thirds of Argentina's supermarkets agreed to keep prices steady until the first of April.
The move comes days after the International Monetary Fund (IMF) censured Argentina for issuing inaccurate economic data.
The government says inflation is below 11% but economists say it is double.
Analysts have accused Argentina specifically of understating the rate of inflation since 2007 in order to keep interest rate payments on its debt low, and to flatter the political regime.
Some economists think the annual inflation rate could rise as high as 30% this year.
The supermarket agreement covers every item in all of the nation's largest chains.
They include Walmart, Carrefour, Coto, Jumbo and Disco.
Argentina's commerce ministry has asked consumers to monitor prices in the chains.
Next up: watch for cries about dirty speculators, calls to shoot hoarders, and extensive allegations about black markets and cronyism. There's a perfect model in Venezuela.
And seriously, the only way to deal with rampant inflation is to reduce the rate of growth of the money supply. If the gubmnt is printing money to fund its deficits, then deficit reduction will be necessary too.
Update: For more see this from Forbes.