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Venezuelan inflation exceeds 100% since the beginning of the year

US, WASHINGTON (NEWS OBSERVATORY) — The price increase in Venezuela for two months of this year exceeded 100%. Such data was released on Wednesday at a press conference in Caracas by the Finance Committee of the National Assembly (unicameral parliament), which is controlled by political opponents of the country’s president Nicolas Maduro and his government.

“Inflation in February <…> amounted to 22.4%, accumulated from the beginning of the year – 102.4%,” said committee member Angel Alvarado, referring to a report prepared by parliamentarians. Video from the press conference was published on the deputy‚Äôs page on Twitter.

Alvarado noted that in annual terms, price increases amounted to 3276%.

In February, the Venezuelan Central Bank reported that inflation in 2019 in the country amounted to 9585.5%.

However, according to parliamentarians who have independently prepared reports on national economic indicators since 2017 due to a lack of official information, last year’s price increase amounted to 7374.4%.

Venezuela in recent years is experiencing a socio-economic crisis, accompanied by hyperinflation, the devaluation of the national currency and a shortage of essential goods.

According to UN data, about 4.5 million refugees and migrants left the country, almost 80% of them are in the states of the region. According to some forecasts, in 2020 their number may increase to 6.5 million people.

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