In recent weeks Venezuelan president Nicolas Maduro has ordered that prices on appliances, such as refrigerators and televisions, be cut in half. It is part of his attempt to battle the country’s rising inflation rates, which have been at 54 percent. The National Assembly is also considering granting Maduro further power to regulate the economy. David Smilde, a senior fellow at the Washington Office on Latin America, explains how Maduro’s economic policies are impacting people in Venezuela.

(Photo: A.P./ Miraflores Press Office)