October 25, 2014
Price control: Gov't announces fines for supermarkets
Economy Minister Axel Kicillof and Domestic Trade Secretary Augusto Costa held today a press conference to announce sanctions on supermarkets that failed to comply with the “Precios Cuidados” price watch program.
Kicillof told reporters that fines totalized 31 million pesos. Still, the misniter considered the government-sponsored policy to control the increase in prices and tackle inflation has had “very satisfactory” results reaching out for 73 percent of the traders involved in the agreement.
Following is a list of supermarket’s compliance with Precios Cuidados and the fines they will be forced to pay:
Coto: 83 percent
Carrefour: 77 percent
Cencosud chain (includes the Jumbo, Disco and VEA supermarkets): 73 percent
Día: 70 percent
Walmart: 58 percent
Chango Más: 58 percent
Coto: 2,203,043 pesos
Carrefour: 3,624,578 pesos
Cencosud chain (includes the Jumbo, Disco and VEA supermarkets): 9,699,271 pesos
Día: 3,813,218 pesos
Walmart: 11,826,366 pesos
Chango Más: 11,826,366 pesos
In today's message, the officials also announced the so called COMPRAR network that will allow smaller retailers to join the price watch program.