You are here: Home » Reuters » News
Business Standard

With Venezuelan hyperinflation, multinationals buck price controls

Reuters  |  VALENCIA, Venezuela/CARACAS 

By Tibisay Romero and Corina PonsVALENCIA, Venezuela/CARACAS (Reuters) - When Colgate-Palmolive Co's Venezuelan unit in January raised the price of laundry detergent to keep up with inflation that hit 85 percent the month before, it drew a swift rebuke from the government of President Nicolas Maduro, which demanded a nearly 90 percent price cut. Price control agency Sundde ordered a reduction of the price of a one-liter container of Vel Rosa detergent to the equivalent of $0.16 from $1.40, according to union leaders and company employees.In response, Colgate shut the plant that produces ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Thu, March 08 2018. 14:08 IST
RECOMMENDED FOR YOU