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Chavez ally says economic adjustments being considered to combat inflation in Venezuela

Associated Press
Published | Updated

CARACAS, Venezuela – An ally of President Hugo Chavez says the government is considering economic adjustments to combat Venezuela's 20 percent inflation.

Former Finance Minister Rodrigo Cabezas is a well-connected political supporter of the socialist president and is currently president of the Latin American Parliament, a regional organization.

Cabezas told the Venezuelan radio station Union Radio on Monday that he understands that the government is considering decisions relating to anti-inflation measures and "adjustments in some prices."

Cabezas also said that officials who are in charge of economic policies are to make decisions relating to currency exchange. He didn't give details about what the measures could include.

Venezuela maintains strict currency exchange controls as well as price controls on many foods and other items. Sporadic shortages of some foods have worsened in recent months.