Argentina's economy ministry said on Thursday it will freeze fuel prices until October 31 after an agreement with the industry as a measure to help tamp down triple-digit inflation.

In a statement, the ministry said the government will cut taxes in exchange for the price freezes, but added that the tax benefits can be "taken away" if companies violate the agreement.

The agreement followed a meeting between economy minister Sergio Massa and executives from oil companies such as YPF and Vista earlier in the afternoon.

The South American nation has been battling against sky-rocketing annual inflation which topped 113.4% through July, with monthly inflation set to rise again in August.

(Reporting by Carolina Pulice; Editing by Brendan O'Boyle)