Venezuela to introduce new law on prices to curb inflation

13:30, July 19, 2011      

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Venezuela will introduce a new law on prices to curb its soaring inflation, Vice President Elias Jaua said Monday.

"The regulations aim to set fair prices and limit profit margins according to the income of the population and the companies," Jaua told a press conference.

Jaua said the new law will not affect the private sector, but "the consultation with private companies does not reduce the competence of the national executive of setting prices."

The regulations will cover food, construction materials, health services, medicines, and education. Those who fail to abide by the law could be fined up to 5,400 U.S. dollars.

High prices are among the top concerns in Venezuela. The country's Central Bank said last week accumulated consumer inflation reached 13 percent during the first half of 2011.

Venezuela expects inflation to fall to between 23 and 25 percent this year compared with last year's 27.2 percent.

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