Global Politics

How Venezuela weathers rising food prices

Those rising food prices you've noticed at the supermarket are not confined to the United States. They've been soaring around the world. But consumers in at least one country haven't been hit all that hard. Venezuelans have gotten help at the check-out counter from their government.

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President Hugo Ch-vez is using his country's ample oil revenues to subsidize food prices. But Ch-vez is also violating some basic laws of economics. And those laws tend to enforce themselves. Lorne Matalon sent us this report from Caracas.

all photographs: Lorne Matalon