Venezuela Raises Some Food Costs 48% Amid Inflation Surge

Venezuela raised government-set price caps on some food products by as much as 48 percent even as President Hugo Chavez’s government struggles to contain one of the highest inflation rates in the world.

The government raised the price on cans of powdered milk 48 percent to 23.7 bolivars ($5.50) and on corn oil by 36 percent, according to a resolution published today in the Official Gazette. The costs of sunflower oil and mixed vegetable oil were also raised.