Venezuelan inflation tops 49%


Thursday's report says the consumer price index for September was 4.4 percent higher than the one for August an...


Thursday's report says the consumer price index for September was 4.4 percent higher than the one for August and 49.4 percent higher than the one for September 2012.

The country's leftist government has spent heavily on social programs, rapidly increasing the amount of currency in circulation. It also tries to control prices while restricting access to bolivars at the official rate of exchange of 6.3 per dollar. That leads many to pay seven times as much for dollars on the black market.

Officials say speculators are to blame for soaring prices and shortages.

The inflation rate for 2012 was 20.1 percent.

Miami Herald

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