La Derecha Diario Caputo celebrated that Molinos rolled back price increases and highlighted the role of supermarkets.
From the Ministry of Economy, they seek to prevent unjustified increases at a key moment of transition
Amid the lifting of the restrictions, the Minister of Economy, Luis Caputo, publicly targeted companies that attempted to implement significant price increases, and highlighted the attitude of the supermarkets for rejecting those lists. The official particularly praised Molinos, which decided to roll back the planned increases.
"Molinos rolled back all the price hikes. Good reaction. And above all, great management by the supermarkets, taking care of their customers", Caputo posted on the social network X.
Supermarkets stood firm against increases of up to 12%
The controversy erupted after the release of new price lists with increases ranging from 9% to 12%, driven by companies like Unilever and Molinos itself. According to Caputo, the largest supermarkets rejected these shipments, which forced at least one of the firms to backtrack.
Unilever had informed retailers of increases between 7% and 9% for the coming days. Other companies, such as SC Johnson (with products like Raid and Off) and Softys (which manufactures Babysec, Higienol, and Elite), also announced similar adjustments.
The new exchange rate regime as a backdrop
These tensions are unfolding within the framework of the new floating exchange rate regime, which sets a band between $1,000 and $1,400 for the official dollar, with a monthly slide of 1%. On Monday, after the lifting of the restrictions for savers, the dollar rose 12% and closed at $1,230. It then stabilized and fell to $1,160 on Wednesday.
In this context, several companies decided to advance price increases for fear of a further rise in the dollar. Their arguments focused on two points:
- Many mass consumption products depend on imported inputs, tied to the dollar.
- Exportable goods, like certain foods, tend to increase in price in the domestic market when their international value improves due to a higher exchange rate.
The Government supported the role of supermarkets
From the Ministry of Economy, they seek to curb unjustified increases at a key moment of transition. The official pressure has already led one company to back down, and others are expected to follow suit.
The strategy also includes making visible and supporting supermarket chains that resist abrupt increases.
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