LatinNews Daily - 03 September 2018

Venezuela: The Venezuelan government has announced adjustments to prices of eight of the 25 basic foodstuff products for which it started setting prices the previous month. A decree published in the official gazette notes that the prices of eggs, butter, margarine, salt, mortadella, mayonnaise, and ketchup had all marginally increased. Meanwhile the price of wheat flour has been reduced further. The government also announced the introduction of new price controls for personal hygiene products such as soap, deodorant, toothpaste, and toilet paper. The price controls are part of the Venezuelan government’s efforts to combat the hyperinflation that has been afflicting the country. But the local business sector argues that these do not tackle the source of the country’s economic problems and will only lead to the closing down of businesses, further exacerbating the shortage of goods. Pointedly, following the announcement of the new foodstuff prices, Arcos Dorados, the Latin American franchise of US fast food firm McDonald’s, announced the closure of a “reduced number” of its restaurants in Venezuela. 

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