Buenos Aires [Argentina], October 21 (ANI/Sputnik): The Argentine authorities have set maximum prices for 1,423 products in stores, saying violators will be sanctioned according to law, the Ministry of Productive Development said on Wednesday.

In September, Argentina saw a sharp increase in inflation, which reached 3.5 per cent compared to 2.5 per cent in August.

Also Read | Gender Equality and Educational Opportunities Need To Be Addressed if Africa Is To Join the Global Physics Agenda To Tackle Issues Such As Climate Change.

"The Ministry of Commerce of the Nation issued a resolution that establishes the 'temporary fixation of maximum prices for sale to the consumer for all producers, marketers and distributors of 1,432 mass consumption products throughout the national territory," the ministry's press release said.

The decision is intended to return product prices to their level as of October 1, and maintain them there until January 7, 2022, which "was agreed by a large percentage of the representatives of the participating companies (both manufacturers and retail chains)," the press release said.

Also Read | Taliban Beheaded Mahjabin Hakimi, A Member of Afghan Junior Women’s National Volleyball Team: Report.

This is not Argentina's first price freeze in the past few years against the backdrop of inflation. Since the beginning of the year, inflation has risen to 37 per cent and in September to 52.5 per cent, making Argentina the country with the highest inflation rate in Latin America after Venezuela. (ANI/Sputnik)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)