Venezuela inflation: Shopkeepers face threat of arrest

Venezuelan President Nicholas Maduro vows to arrest shopkeepers who defy government price controls.

CARACAS: Venezuelan President Nicholas Maduro vowed to arrest shopkeepers who defy government price controls. In a nationally-televised address, Maduro laid the ground for tougher enforcement on actions that have been fueling Venezuela’s inflation. He urged the authorities “to act with all severity of the law and because they are crimes in flagrante to proceed immediately to detain those responsible.” This latest declaration comes as municipal elections draw closer amidst a burgeoning economic crisis. Inflation is running at 54% a year, shortage of basic goods are widespread and despite the country’s oil wealth, a hard currency crunch is playing havoc with the import-dependent domestic economy. Earlier this month, Maduro ordered home appliances stores to reduce prices and deploy National Guard troops to enforce the measures. The National Assembly then granted Maduro special decree-making powers, which was immediately used to impose price controls and cap profit controls at 30%.

Published in The Express Tribune, December 1^st, 2013.

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