Argentina's El Financiero newspaper reported on October 27 that since September, the Argentine government has lowered the PAIS rate from 17.5% to 7.5%. Under the influence of this policy, the price of imported food and beverages has dropped by 2.4% on average, of which the products with the biggest drop are canned goods (-10.3%), cookies (-4%) and jams (-2.7%); whereas the price of local commodities has risen by about 3% in the same period. According to the report, the data suggest that the reduction in the PAIS will work its way into the final prices of imported goods and directly benefit consumers.