Affiliated retailers bought at the official price from affiliated wholesalers, who in turn bought at the official rate from manufacturers.

ECONOMIST: The electronic pill-box

It also managed to narrow the gap between the official exchange rate and the price of the dollar in the free market.

ECONOMIST: Venezuela's economy

Petrol costs less than 5 cents a litre in Venezuela at the official exchange rate, but raising the price is politically sensitive.

ECONOMIST: Venezuela

In particular, conservatives would argue that the official Consumer Price Index was over-stating the rate of inflation, thereby under-stating the rate at which things were improving.

FORBES: Optimism and Pessimism on the Right