The World : Nicaragua Jumps Prices

Nicaragua’s government announced it will impose huge price hikes for fuel and telephone calls abroad. Under the new rates effective Monday, a three-minute telephone call to the United States will cost the equivalent of $350 at the current exchange rate, a steep increase from the current $12 price. A similar call to Mexico or other Central American nations will cost $100. The new prices on all liquid fuel, also effective Monday, will increase the cost of a gallon of gasoline to $4.50 from the current $1.80. Nicaragua, with no domestic oil reserves, funnels most of its imported oil to the military.