The inflation rate reached 4.7 percent in Argentina in March alone, coming to 11.8 percent in the first quarter of 2019.
The authorities have agreed with 16 companies that prices for 60 food items, included in the basic shopping basket, will be frozen for at least six months.
"These food items include oil and butter, rice, flour, noodles, milk, yogurt, sugar, canned products, polenta, cookies, jams and drinks," the administration said.
The companies have pledged to ensure these products availability in 2,500 outlets across Argentina.
The price for the basic shopping basket grew by 5.1 percent in February compared to January, while the year-on-year increase made 59.1 percent. The minimal food set for an adult cost 598 pesos ($31.8) in February.
A total of 18 million people — almost 50 percent of the Argentinian population — will enjoy different discounts. Thus, around 5 million people who receive children allowances will have discounts, ranging from 20 percent to 70 percent, in 5,000 pharmacies nationwide.
Moreover, meat exporters have agreed to sell, in the course of a week, 120,000 kilograms (264,554 pounds) of meat at a low price of just 149 pesos per kilogram in the central wholesale market in the country's capital of Buenos Aires.
Electric energy, gas and transport tariffs will not increase until the end of 2019.
The government will also support small businesses. The Argentinian tax service will present a new plan of debt arrangement. Under the new measures, if a client pays for a certain product with a credit card, the terms of payment reception will be reduced to 10 days.