IMF predicts that inflation could reach 1,600% next year
The International Monetary Fund predicts that inflation in Venezuela could reach as high as 1,600 per cent next year. Meanwhile, vehicle production in Venezuela plummets 86% in first half of the year, to less than 10 units a day. Oil services provider Halliburton Co reports a $148 million loss as a result of accepting a promissory note in exchange for unpaid invoices linked to Venezuela operations.
McDonalds says it is temporarily suspending Big Macs in Venezuela over difficulty in sourcing the thin slice of bread separating the patties. Mc Donalds’ french fries were previously suspended over sourcing difficulties. Meanwhile, President Maduro threatens to seek the arrest of Kimberly-Clark executives via Interpol for violating the rights of workers, by recently shutting down its factory due to lack of primary materials, currency trouble and soaring inflation.