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"Year-on-year inflation was 883.997%, the highest in history"



November 8, 2018 12:17

"Negative economic news for Venezuela is continuing," said Ángel Alvarado, economist and member of the Economic and Finance Commission of the National Assembly. An example was the October inflation index. The year-on-year rate was 883.997%, the highest recorded by the state over a period of 12 consecutive months.

Parliament declared that the inflation trend remained above 100% for the sixth consecutive month when the indicator exceeded this threshold. In October it reached 148.2%, which in the first ten months of this year increased by 287.623.9%.

However, it was lower than in September when it reached 233.3%. Alvarado explained that this figure, which is still a scandal, is due to the fact that the exchange rate remained stable. His colleague Rafael Guzman, chairman of the commission, added that it was lower than September because the government of Nicolas Madura had taken some measures to halt the hyperinflationary phenomenon, but due to a reduction in the use of Venezuelans.

"People are increasingly buying less. Only the food price index has risen by 86.4%, so we are continuing in hyperinflation and the government has not taken a single step to avoid this tragedy, so that Venetians in the near future will see how it is maybe he set up a tournament in this situation, "he said.

Guzman said that President Maduro is not interested in resolving the main problem that has plunged Venezuelan citizens into poverty. He believed Venezuela was the only country in the world to register hyperinflation. "Until the government recognizes the economic crisis we are experiencing if we take serious measures or if the political change allowed by the economy permits, we will continue in this tragedy." He added that the Finance Committee proposed a way to restore economic efficiency.

The legislation is reporting inflation since January 2017 because Venezuela did not offer this information for more than two years.

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According to the National Assembly, the food price index increased by 86.4%. "Nicolás Maduro is not interested in solving the main problem that has plunged Venezuelan citizens into poverty," said Rafael Guzman


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