Venezuela Economic Collapse Continues As Government Sets Price Controls On Food

While the world has been consumed with reports about COVID-19 and the effects of the global economic crisis, the South American nation of Venezuela has been struggling with her own collapse amid internal revolution. Now price controls have been fixed on the nation for commodities such as eggs, thus creating her own food crisis as Forbes magazine reported recently.

Venezuela on Thursday published a list of new price controls for 27 basic food items, fixing the price of eggs, some cuts of meat, and sausage above the monthly minimum wage President Nicolas Maduro set for the inflation-stricken country this week.

The move marked the return of strict state economic controls, after more than a year of relaxation in the face of U.S. sanctions. Maduro’s socialist government is now seeking to calm inflation in the face of a collapse in crude prices, fuel shortages and a national lockdown to prevent the spread of the coronavirus.

According to a document published by Commerce Minister Eneida Laya on Twitter, products including butter and powdered milk will cost more than 400,000 bolivares, which is the new minimum wage the government set on Monday. That is equivalent to just $2 at the official exchange rate. (source)

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