Chavez: New rules will fight inflation

CARACAS, VENEZUELA

President Hugo Chavez says he is optimistic that new rules broadening price controls will help his government curb high inflation.

Chavez says the Law for Fair Costs and Prices will prevent unscrupulous businesses from unjustly raising prices.

While price controls already exist for some basic foods, the law taking effect Tuesday extends them to a wider range of goods and gives the government more enforcement authority.

Business leaders have warned that more extensive and stringent regulations will reduce investment and cause shortages of products in high demand.

Chavez said Tuesday the law will also advance the establishment of a socialist economic model in the country.

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