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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 ...

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First Published: Thu, March 08 2018. 14:08 IST