It should hardly come as a surprise for a nation such as the US that is used to being told what a "fair" price for interest rates is... and a "fair" price for housing is... and a "fair" price for stocks is... that Venezuela (perhaps a few years ahead of America in the socialism stakes) has seen its 'price regulator' declare today its new "fair" prices for various foods. Coming to a Safeway near you any day now... (as US food price inflation soars - especially ahead of the barbecue season).
As Bloomberg reports:
Venezuela price regulator publishes list of food prices on its website.
- A kilogram of sugar to be sold for 9.72 bolivars ($1.54 at official exchange rate of 6.3 bolivars per dollar)
- A kilogram of chicken to cost 43 bolivars ($6.82)
- A kilogram of coffee to cost 46.6 bolivars ($7.40), and
- A kilogram of rice to cost 9.5 bolivars ($1.50)
This follows Venezuela President Nicolas Maduro signing law to adjust prices to “fair” levels and limit profit margins to 30% back in January.
Think it won't / can't happen here...
Bloomberg notes, consumers in the U.S. will probably pay the most ever for meat this grilling season as costs for pork and beef surge, according to the American Farm Bureau Federation.
Seems "Unfair"? on a minimum wage?