The Venezuela Way of Curbing Inflation

The Venezuela Way of Curbing Inflation: Food Quotas and Cargill Takeover

* The Venezuelan government’s introduction of production quotas for staple foodstuffs governed by price controls has been strongly criticized by the private sector warning that food shortages would worsen and businesses would collapse. The caution followed the announcement on March 3 that 70-95% of the production of 12 basic foods - including rice, maize, milk, sugar and cooking oil - must be sold at controlled prices

* President Hugo Chávez also ordered the expropriation of the local rice operations of U.S. grain giant Cargill, and threatened to take over beer and food manufacturer Polar, the country's largest private company"

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