Argentina Freezes Prices for Consumer Goods

Argentina is facing international pressure over some recent financial malfeasance, but that pressure will have little effect on a country that is predominantly focused on domestic issues. On Feb. 1, the International Monetary Fund censured Argentina for inaccurately reporting inflation data. In response, Buenos Aires struck a deal Feb. 4 with consumer goods providers to freeze prices on nearly all of their goods for 60 days, retroactively applicable on Feb. 1. The move does not address real underlying challenges facing the Argentine economy, such as rapid monetary expansion. Rather, it is designed to show Argentine citizens that the government is taking action on an increasingly controversial issue.