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Procter & Gamble Puts Hold on Argentine Prices

March 9, 2006

ARGENTINA: Procter & Gamble Co. has agreed to freeze prices on 31 products in Argentina after the country’s president started asking consumer products makers to stop raising prices for at least a year.
The efforts by president Nestor Kirchner are designed to help the country’s battle against inflation. Mr. Kirchner and economic minister Felisa Miceli reportedly negotiated the agreements with P&G, Unilever NV and Kimberly-Clark to freeze prices on some of their products.
Argentina’s annual inflation rate rose to a 31-month high of 12.3% in December following increased government spending and purchases of dollars to weaken the peso.
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