Price hikes in Venezuela

Thousands of supporters of Venezuela's president mark the anniversary of deadly riots.

    Scores of Venezuelans descended from the hillside slums of Caracas 24 years ago on this day, burning cars and looting to protest a hike in gasoline prices, the last straw in a series of austerity measures.

    What followed was the worst massacre in Venezuelan history.

    While many believe today's situation is very different, some citizens concede that this month's sharp devaluation of Venezuela's currency is bad news.

    Prices have been going up steadily, and the black market price of the dollar, which many use to gauge prices, is still four times the official value, even after the devaluation.

    Al Jazeera's Lucia Newman reports from Caracas.

    SOURCE: Al Jazeera


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