Venezuela Shuts Stores To Prevent Retail Price Rises

The Venezuelan government temporarily shut 70 retails outlets in the second week of January in a bid to prevent price-hikes following a devaluation of the currency. The 70 closures came after the government ordered the consumer protection agency Indepabis to inspect 96 shops and were attributed to 'speculating and price rises'. The shuttered stores included three operated by Exito, majority owned by French retail giant Casino. The move clearly sends a signal that the government will not tolerate price rises in response to the currency devaluation. However, with the move certain to stoke inflation it is difficult to see how

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