Chavez has apparently decided that after devaluing his currency, there is in fact no need for prices to go up. http://news.bbc.co.uk/1/hi/business/8451056.stm This kind of fiscal wish fulfilment was quite common during the later Roman Empire, where the Government repeatedly robbed its citizens through devaluation, but never thought that there would be consequences further up the supply chain,when the supplier raised his prices to reflect the lower real value of the currency being used to buy his goods. The Roman empire then fell over. What this proves is that Chavez has allowed his Marxist fantasies to override whatever briefings his economists have provided. Since he also runs one of the most outspoken regimes, (and has cosied up to the Iranians as well), this looks like yet another failed-state-in-the-making. The good news is that, so far, Alastair Darling has not been seen investing in Venezualan Government bonds.