Price deal on household items reached in Venezuela

Source: Xinhua| 2018-08-31 18:45:34|Editor: xuxin
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CARACAS, Aug. 30 (Xinhua) -- The Venezuelan government and various companies came to an agreement on Thursday to set prices for eight home and personal hygiene products, a Venezuelan official said.

"This is very important news for the stability of the economy and price stability," Tareck El Aissami, minister of Venezuela's newly-established Industry and National Production, told a press conference.

The products included bleach, powdered detergent, deodorant, hand soap, tooth paste, toilet paper, feminine sanitary pads and bars of soap.

Procter & Gamble, Colgate-Palmolive, Venezuela's Grupo Farma, Cacique Maracay and Alimentos Polar are some of the companies that signed the agreement with the government to regulate prices.

The government is also looking to include seven other products which will be revealed in the next few days, said El Aissami, who also serves as Venezuela's "vice president of the economy".

In June, Venezuelan President Nicolas Maduro announced "a partial and profound renewal" of his cabinet, appointing prominent politician Delcy Rodriguez as his vice president to replace El Aissami.

"We ask the people to go out and defend this list and fight the speculators whose intent is to distort these agreements," he said.

Last week, the government released the agreed upon prices for 25 basic food items, which is part of Venezuela's economic recovery program, to ensure access to these products following a severe shortage.

The Venezuelan government is currently taking measures to stabilize the country's economy and devalued currency, and curb the rampant inflation, among others.

Venezuela's latest official inflation figures are currently not available, and its central bank reported the 2016 inflation rate to be 274.4 percent. Economists at the International Monetary Fund believe the country's inflation this year could remain extremely high.

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