Rampant inflation is nothing new to the Venezuelan economy,
but in a sign of how severe the situation has grown for some people there, food
prices spiked by 22.2 percent in August from the previous month, according to
new research. This inflation figure represents the highest August rate in 20
years, according to data from the Caracas-based workers' advocacy group Cenda.
The group said on Friday that even though prices climbed at a slower pace than
the 32.6 percent inflation rate recorded in July, economists worry that
Venezuela may be on the brink of greater unrest. Paula Diosquez-Rice, principal
economist at IHS Global Insight, a global financial risk analysis company, said
the figures provide further evidence that Venezuela's economic conditions are
increasingly unsustainable. "This situation has been escalating,"
said Diosquez-Rice. "The people of Venezuela have had a scarcity of items
for a while now." More…
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