Poverty at record high in Venezuela

Poverty has hit an all-time high in Venezuela, affecting some 73 percent of households. A recent report confirms that’s up from about 27 percent in 2013 and 48 percent in 2014. It was prepared by researchers at three Venezuelan universities on the basis of surveys analysing 6,000 people in the nation of 30 million. Poverty rates dropped during the first years of Venezuela’s 16-year-old socialist revolution under the late President Hugo Chavez. However, they have risen more recently as the country struggles with raging inflation levels, a worsening recession and sickly oil prices — the country’s main source of foreign income. The study was released before Venezuela holds legislative elections on December 6. More…