Tags: Venezuela | economic | prices | inflation

Venezuela to Toughen Price Controls, Set Profits

Monday, 11 November 2013 09:43 AM EST

Venezuela's president is extending price controls and will place limits on profits as part of his latest attempt to curb the galloping inflation that is eroding support for his rule.

President Nicolas Maduro made the announcement in a late-night television address Sunday in which he also vowed to step up inspections of businesses selling shoes, clothing, automobiles and other goods to make sure they aren't overcharging consumers.

Last week, the government seized control of a nationwide chain of appliance stores and cut prices by more than half.

Maduro says he'll place percentage limits on profits if congress grants him special powers. He says inflation this year should be around 18 percent instead of the current 54 percent, blaming his opponents for waging an "economic war" against him.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Markets
Venezuela's president is extending price controls and will place limits on profits as part of his latest attempt to curb the galloping inflation that is eroding support for his rule.
Venezuela,economic,prices,inflation
127
2013-43-11
Monday, 11 November 2013 09:43 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved