The inflation in Venezuela

[Ermo Kruus]

Could someone please explain the history behind the inflation in Venezuela for me? I know that the inflation is lower these days, compared to what it used to be, but it's still high. Why does it remain this high? Is it because of price speculation? And, what would be the most effective thing to do to tackle this issue?

[REDSOX]

Inflation in Venezuela is fairly high at about 25% thanks to price speculation and the price of oil. However before chavez came to power it was over 800% so lets get things in perpective here. What can be done about it? well chavez and the government have clamped down on speculation using Price controls to control certain prices. He has also nationalised businesses accused of speculating and has brought their prices down. but ultimately they need to go further and the way to deal with price inflation is Price controls/freezes combined with massive nationalisation of the economy/state monopoly on trade and the establishment of a planned economy.