It was confirmed by the association that brings together the large retail chains. “We will return to work normally, complying with the aforementioned agreement,” he said in an official statement.
The Association of supermarkets The United States issued a statement in the last few hours in which confirms that “the lists are arriving within the framework of the agreement agreed with the Government”. This occurs after the unit in charge of negotiating prices agreed 5% monthly increments with the main mass consumption firms to try to alleviate the impact of the devaluation on wages. Like a carrot, Economy will grant a tax reduction to offset costs.
The 22% jump in the official exchange rate on the Monday after the elections unleashed a high volatility scenario. As Ámbito reported, this caused sales to cease in some sectors, double-digit increases in others, and even dollarization of lists by a series of industry providers. The economist specialized in manufacturing industry and productive development Leandro Mora Alfonsín described it as “a typical Monday of correction of variables.”
The phenomenon did not escape mass consumption. Since the beginning of the week, local businesses warned about the lack of some products in wholesalers and about the arrival of lists with increases of more than 20%. As Ámbito learned, some large supermarket chains also encountered double-digit remarks and decided to reject the merchandise.
With this scenario, the Government delegated the negotiation of prices to a unit led by the head of Customs, William Michel, but which are also made up of the Secretary of Commerce Matías Tombolini and the Secretary of Economic Policy, Gabriel Rubinstein. In recent days, the three officials held meetings from morning to night with the firms that have weight in the basic basket and retail chains.
In that framework, Sergio Massa’s team raised a ceiling of 5% per month in the increases of the Fair Prices program. This “path” covers practically all the products that the large food, beverage, personal hygiene and cleaning companies sell in large supermarkets. In small local businesses, the presence of the official plan is practically nil.
The firms assured that to compensate for the increase in costs, the increases should be at least 9% per month. There was no concession on that point, but The Government offered a tax reduction as a carrot focused on the country tax on the importation of some inputs. Also improvements in the speed of access to the official exchange market for those who adhere to the program.
After the negotiations, the Association of United Supermarkets (ASU) confirmed in the last hours through a statement that “the new lists are arriving within the framework of the agreement with the Government” and completed: “Consequently we are going to start working normally, complying with the aforementioned agreement.”
With two weeks to go before the end of the month, the Fair Prices program could function as a kind of “anchor” for inflation in August, which is estimated to be significantly above that of July. Yesterday, after 12 consecutive days on the rise, the blue dollar closed lower. The question, for now without an answer among economists, is whether or not the process of correction of variables that unleashed the electoral result and the subsequent devaluation ended.
Source: Ambito
