Venezuela to Raise Prices Gradually After Devaluation

Venezuela will raise regulated prices gradually on items such as milk, rice and corn flour in a bid to avoid an inflationary spike caused by the devaluation of its currency, said central bank board member Armando Leon.

“The government will not raise prices of regulated food immediately,” Leon, 49, said in a phone interview in Caracas. “The adjustments will be gradual in order to dilute the effect that these increases might have on inflation in the coming months.”