WORLD IN BRIEF : NICARAGUA : Inflation Surges Past 100% a Month
Inflation for the month of May reached 130% in Nicaragua, the highest level since 1988 as Managua waited for the injection of $300 million in U.S. aid to salvage a battered economy and stem the soaring cost of living, experts said. The U.S. Agency for International Development said it will send President Violeta Barrios de Chamorro an emergency infusion of $60 million to enable the government to meet its most pressing needs, including the purchase of badly needed oil. Central Bank President Francisco Mayorga said inflation will continue high until the effects of his economic recovery plan are felt and once the new monetary unit--the cordoba de oro--is circulated in July.
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