The Strategist

Inflation in Venezuela exceeded 3300%

10/14/2019 - 05:27

The inflation accumulated from the beginning of the year in the republic amounted to 3326%, and the annual inflation from October 2018 to September 2019 rose to 50 100%.

Jorge Andrés Paparoni Bruzual
Jorge Andrés Paparoni Bruzual
From January to September of this year, inflation in Venezuela exceeded 3320%, wrote a member of the Finance Committee of the National Assembly of the Republic Alfonso Marquina on Twitter.

“In September, inflation reached 23.5%, accumulated inflation counted from the beginning of the year rose to 3326%, and in annual terms, from October 2018 to September 2019, amounted to 50,000%,” the politician said.

The most significant hike (42.6%) over the month was observed in food prices.

Recall that at the end of May, the Central Bank of Venezuela for the first time in three years published a report on the level of inflation in the country.

According to the agency, in 2018, inflation in the republic reached 130,060%.

Moreover, according to the Finance Committee of the National Assembly, the level of accumulated annual inflation in Venezuela in 2018 amounted to almost 1.7 million percent.

In recent years, Venezuela has been experiencing an acute socio-economic crisis, accompanied by a devaluation of the national currency. According to UN estimates, more than four million people have left the country.