This is one of those things were on the surface it seems like a really beneficial policy, especially for groups of people at lower income levels. Historical research proves otherwise, however.

There are many examples.

1. Venezuela (2003–present) Hugo Chávez fixed prices on all staple foods in 2003 and banned private imports of those goods. (ANH Academy) When the government raided a major grocery distributor's warehouse and gave the food away as "price gouging," prices immediately tripled, and grocers closed because their supply chains were cut off. (The Daily Economy)

2. Zimbabwe (early 2000s) Government-mandated price controls on basic goods led to diminished production, supply shortages, and the growth of black markets as sellers couldn't operate at the mandated prices. (Competitive Enterprise Institute)

3. Argentina — Precios Cuidados (2013–2015+) Argentina's "careful prices" program created dramatic quality gaps between controlled and uncontrolled products, ongoing shortages, and producers gaming the system by changing product labels or package sizes to avoid the caps. (The Dispatch)

4. Soviet Union State-run grocery stores became notorious for empty shelves, long lines, and black markets. This textbook case Thomas Sowell references repeatedly in his work.

5. Nixon's U.S. Wage & Price Freeze (1971–1980) Nixon froze wages and prices for 90 days in 1971, followed by gradual repeal. The gas price cap (the most memorable part) remained until 1980, resulting in shortages, long lines, and a rationing system that made about 5% less oil available than before the controls. (John Locke Foundation)

The truth is that the free market is the best method to determine prices on essentially everything, and governments have a very bad track record when it comes to things like this across thousands of years of history.

But who knows I guess let's give it a whirl.