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Recently Belarus simply decided to ban inflation. the president quoted
"From today, any price increase is prohibited. Prohibited!,"
This is easy to do for a dictatorship but how economy is affected if countries simply ban prices rise !!!
source: Belarus bans consumer price rises in bid to tame inflation
That would lead to shortages, loss of output and deadweight loss as people would waste time in getting ahead in zero-sum rationing game so it would lead to deadweight loss. When inflation occurs all prices increase including input prices.
Every firm has to in long run earn at least zero economic profit (e.g. accounting profit - opportunity cost). If in industry $x$ firms supply their own capital and opportunity cost of capital is 10% then without 10% accounting profit margin firms would shut down (or depending on cost function scale down production).
Fixing input prices (not allowing wage increases etc), would also not solve the issue since government can't fix value of free time and people might simply refuse to work or supply other factors of production at prices that do not reflect the opportunity cost of using those factors for leisure or in other alternative ways. Not even mentioning that if not done internationally it would simply lead to outflow of factors out of the economy, unless ban on international travel and capital movement is also implemented (this is one of the various reasons why economies such as USSR became more or less open air prisons for most people living in them as allowing free movement of people would lead to too much outflow of labor).
Shortages will lead to rationing where people will have to pay extra for goods and services in form of paying by sacrificing free time (queuing), expending resources on engineering social networks (nepotism) and so on. This takes time away from productive activities that people can be doing and hence leads to even less production.
It is not even clear if it would solve the inflation issues, as in such cases often parallel economy develops where prices are allowed to float. This can be best seen in countries on fixed exchange rate regime where central bank refuses to support the fixed rate and hence nobody is willing to exchange currency at official rate and you have to make transactions at market prices on black markets.
Historically, broad economy-wide price controls virtually always ended up in shortages and large drop in output and consequently material living standards (e.g. see Schuettinger & Butler, 1979 or Carr 1976). There is also wide consensus the policy is generally not helpful (see here).
