Inflation, even in dollars, dims Venezuelans' holiday season

Tradition dictates that Venezuelans wear brand new clothes on Christmas and New Year’s

CARACAS, Venezuela -- Tradition dictates that Venezuelans, children and adults alike, wear brand new clothes on Christmas and New Year’s. Shirts, pants, dresses, stilettos and sneakers — all with that new smell and perfect, first-time fit. No wrinkles, stains or scratches allowed.

But the dollar bills circulating all across the country might as well show the Grinch instead of Washington this year. The government’s loosening of controls on dollars may have made them easier to get, but it has also made them less valuable in Venezuelan shops, with dollar prices overall about 40% above those last year.

And that has threatened the tradition known as “estrenos,” or premieres — a practice already badly eroded by Venezuela's sharp, yearslong economic decline.

People have been hunting for Christmas bargains, but often walk away from stores and market stalls empty-handed.