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Argentina's government is freezing the prices of 60 essential products and some services in a bid to tame spiraling inflation.

President Mauricio Macri announced Wednesday that the goods affected include flour, oil, rice and personal hygiene items. He also said prices for services such as telephone plans will not be raised.

Macri said in a video message that he is "convinced we are going to win the battle against inflation."

The annual inflation rate in the South American country is nearly 50 percent — one of the world's highest.

Economists say the latest announcement appears to resemble the populist policies of former President Cristina Fernández, who led the country from 2007 to 2015.