Where’s the beef? Argentina limits beef exports

Argentina is temporarily limiting shipments of beef abroad, in a government attempt to try and tame runaway inflation that’s nearing 50 percent annually.

Argentina is limiting shipments of beef, a staple in the world’s fifth-biggest exporter, the latest unorthodox move by the government to try to contain runaway inflation that’s approaching 50% annually. President Alberto Fernandez told a key beef export association that it won’t be allowed to sell the product abroad for 30 days, according to a Production Ministry statement released on Monday night. During that period, the government will establish a set of emergency measures for the industry. “The issue with beef prices clearly got out of control,” Fernandez told a local radio station on Tuesday morning. International beef demand “created distortions with domestic prices that can’t be tolerated anymore. We can’t keep watching beef prices rise month by month without any justification.”