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"The year's inflation was 883,997%, the highest story"


November 8, 2018 12:17

"The bad economic news for Venezuela continues," says Ángel Alvarado, economist and member of the National Assembly's Economic and Financial Commission. The occurrence presented the October Index Index. The interna- tional rate was 883,997%, the highest recorded by a country for a period of 12 consecutive months.

The parliamentarians stated that the inflation rate was over 100%, and it is the sixth consecutive month that the indicator exceeds this threshold. The October index was 148.2%, which places the accumulated over the 10 months this year in 287,623.9%.

However, it was lower than the one registered in September when it reached 233.3%. Alvarado explained that this figure, which is still outrageous, is because the exchange rate has been stable. His counterpart, Rafael Guzmán, President of the Commission, added that it is lower than September because Nicolas Maduro's government has taken some steps to stop the hyperinflationary phenomenon, but due to the decline in Venezuelan consumption.

"People are increasingly buying less. Only the food price index rose 86.4%, so we continue in hyperinflation and the government has not taken a single step to get out of this tragedy so that Venezuelans see in the near future how it could be a tour in this situation, "he said.

Guzmán said that President Maduro is not interested in solving the biggest problem that has reduced Venezuelans to poverty. He felt that Venezuela is the only country in the world to record hyperinflation. "As long as the government does not recognize the economic crisis we are experiencing, serious action is taken or whether the political change that the economy allows is allowed, we will continue in this tragedy." He added that the Finance Committee has proposed the way to recover economically.

The legislature reports inflation rates since January 2017, as the central bank of Venezuela has not offered this data for more than two years.

The figure

86.4% increased food price index, according to the National Assembly. "Nicolás Maduro is not interested in solving the biggest problem that has reduced Venezuelans to poverty," said Rafael Guzmán

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