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"The problem is Venezuela has become more dependent on imports," Eric Olson, associate director of the Latin American Programme at the Woodrow Wilson Centre in Washington, told Al Jazeera.

The government tightly controls Venezuela's currency, the bolivar. It was devalued by 32 percent in February and now officially trades at 6.3 bolivars to the dollar, pushing up prices for most products. "The policy has resulted in greater inflation," Olson said.

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