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Prices have increased by 14,000%-19,000% in four years in Venezuela

In words of economic analyst Luis Enrique Gavazut, this result shows that price controls have been misused in practice

The inflationary process recorded in the food sector is not related at all to the forex policy, claimed the economic expert 

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24 de junio de 2016 23:59 PM

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Prices have increased by 14,000%-19,000% in four years in Venezuela

The economic reality in Venezuela lacks food pricing controls since about three years ago, stated economic analyst Luis Enrique Gavazut, who based his remarks on a research conducted jointly by the Presidential Economy Watch and the National Superintendence for the Defense of Socio-economic Rights.

“This was a recent study on a number of products in 2012-2016 to observe price variations in the Metropolitan Area of Caracas. In twelve protected products and other eight that have never been regulated, the most surprising data reveal that regulated items had a 14,000% price variation while the unregulated ones, which are also monitored, recorded raises around 19,000% in those four years. For this reason, the country’s major businesspersons, large industries, claim that what is happening is due to a lack of production as there are cost structures recording a delay with respect to prices. However, they are not basing their opinions on true criteria,” Gavazut said.

According to what the expert regarded as “objective evidence,” he recalled that this result shows that in practice control measures have been misused.

Gavazut further stated that the inflationary process in the food sector has nothing to do with the forex policy. In his view, this situation is due to other factors, among them, food distribution issues.

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