Venezuela lifts basic food prices

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Prices of foodstuffs from bread to beef have risen by up to 50% in Venezuela after the country's government raised the regulated prices of basic items.

It also removed price controls on other food products including oatmeal, salt and certain cuts of pork.

It is hoped that higher prices will encourage production of staple items to prevent further shortages.

Some food producers welcomed the move, but it could add to Venezuela's already high rate of inflation.

In July, prices in the metropolitan area of Caracas, which are used as a benchmark, were 33.7% higher than 12 months earlier.

The Venezuelan Pork Federation welcomed the "very important" price adjustments.

However, the Bread Industry Federation said bread production was still not profitable, even at the latest high prices.

The measures, which included a 50% rise in the price of beef and a 49% increase in bread prices, were introduced on Tuesday.

Beef has risen to $8 (£4.30) per kilo and bread has increased to $2.06 per kilo.