12/11/13 18:06 CET
| updated xx mn ago
| updated at xx
Thousands of Venezuelans have flocked to electronics stores, hoping to take advantage of the new so-called fair prices imposed by President Nicolas Maduro’s government.
Inflation in Venezuela has hit 54 percent and few can afford to buy electric appliances. As such, Maduro ordered stores to reduce their prices .
Some stores remain closed. Others actually increased their prices by up to 1,000 percent or more, hoping to make a quick profit. This caused anger and resulted in looting.
Maduro has announced the arrests of both looters and store managers, as part of what the government calls an economic war between the socialist state and unscrupulous businessmen.
He said he would use powers that Congress is expected to grant him this week to set legal limits on businesses’ profit margins.
The “fair price” policy will this week be extended to food, footwear, hardware and toys in a major pre-Christmas campaign.
Critics of Maduro say he is stirring chaos rather than defending the poor.
Wires > News
- 03:19 CET Leader of Western Sahara independence movement dies after illness
- 02:27 CET Four dead in collapse at South Korea subway construction site
- 02:08 CET Japan PM to postpone sales tax rise, snap election off table for…
- 01:41 CET Airbus says EgyptAir strengthens case for ejectable ‘black boxes’
- 01:32 CET As Beijing flexes muscles in South China Sea, Malaysia eyes harder…
- 01:18 CET Combative Trump says he raised $5.6 million for vets, bashes media
- 23:58 CET UAE frees Canadian man acquitted of militancy, set to leave Weds
- 23:01 CET Philippines president-elect says won’t rely on United States