In further moves to strengthen the state鈥檚 role in the economy, Venezuelan President Chavez announced on May 11 the creation of a publicly owned import-export company as part of a broader plan to combat 鈥渢he hegemony of the bourgeoisie鈥, speculation and inflation.
Despite price controls and a fixed exchange rate, inflation reached 25.1% in 2009 鈥 the highest in Latin America.
Central bank figures reported inflation climbed 5.2% in April (double that of March), bringing accumulated inflation for 2010 up to 11.3%.