Venezuela: Price controls, profit caps UPDATED

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As if the Venezuelan economy wasn’t going to hell on a hand basket fast enough, Venezuela Moves to Cap Prices, Profits Venezuelan President Nicolás Maduro began to extend price controls over a broad swath of the economy in a bid to control inflation set off by his government’s increased spending, moves which risk exacerbating shortages in this oil-rich nation. Caracas’s move to control prices came after the central bank reported last week that inflation had reached 54%, the highest rate in nearly two decades and, according to Trading Economics, a website that tracks global economic statistics, topping even war-torn Syria with the world’s highest rate. Venezuela’s woes also come in an era of low global inflation, and when most neighbors, such as Colombia enjoy annualized inflation rates of around 2%. . . .

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