Latin America has not appeared much in the US News lately given a continuing preoccupation with the Middle East. But yesterday, NPR ran a story (here) titled "As Inflation Soars, Venezuela's Leader Opts for Drastic Steps." Venezuela has had past historical episodes with inflation, particularly in the 1990's and the new outbreak caught my attention. Why the new outbreak? To provide some context for my explanation, here's some background.
The conventional explanation for problems in Venezuela's economy (here) invokes the petroleum and manufacturing sectors.
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