Sunday, May 09, 2010

Venezuela annual inflation rate hits 30 percent

Socialism nerver works.

CARACAS, Venezuela (AP) - Venezuela's annual inflation rate has surpassed 30 percent after consumer prices surged in April.

The Central Bank and National Statistics Institute on Friday reported a 5.2 percent increase in consumer prices during April, driving up the annual rate to 30.4 percent.

President Hugo Chavez's government has been struggling against the highest inflation rate in Latin America and a weakening economy in general.

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