Venezuela Lifts Price Controls On Some Essentials -Paper

sg.biz.yahoo.com Tuesday March 11, 1:24 AM

CARACAS -(Dow Jones)- Venezuelan retailers marked up some essential goods by as much as 40% after the government published a decree Friday lifting price controls recently imposed on them, local daily El Nacional reported Monday.

The goods, including imported pasta and cheeses, were on a list of around 200 products and services the government last month set prices for in a bid to stem soaring inflation.

Retail chamber officials couldn't be reached for further comment.

Annualized inflation is currently around 40%, as the bolivar's roughly 70% depreciation against the dollar over the last 15 months has pushed prices higher for imports, which make up about 60% of consumption.

While the official rate for the bolivar is VEB1598 to the dollar, the currency's real value has weakened to around VEB2500 per dollar in a private secondary market.

El Nacional Web site: www.el-nacional.com

-By Jehan Senaratna, Dow Jones Newswires; 58212-564-1339; jehan.senaratna@dowjones.com