Chavez Price Caps Spark Panic Buying

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Nov. 25 (Bloomberg) -- Shoppers at a Dulcinea supermarket in the Los Chaguaramos neighborhood of southwestern Caracas yesterday stocked up on items in the wake of Venezuelan President Hugo Chavez's move to expand price controls. The regulations, which took effect on Nov. 22, sparked panic purchases by consumers, leading to shortages of everything from coffee to toilet paper. People are buying more than they need to stock their homes and resell the products at a profit in the black market, Food Minister Carlos Osorio said yesterday on state television. (Source: Bloomberg)


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