March 8, 2021

The Venezuelan Parliament believes that inflation will reach 4,300,000% in 2018

The Venezuelan Parliament believes that inflation will reach 4,300,000% in 2018



The National Assembly of Venezuela (AN, Parliament), which controls the opposition, reported today that inflation will close 2018 at almost 4,300,000%, a figure that exceeds the most negative forecasts advanced so far.

The deputy Ángel Alvarado told Efe that the Chamber expects inflation to reach 4,292,102 points at the end of this year and that only last September the indicator reached 233.3%, the highest percentage registered by Venezuela in a month in all its history.

The daily rise in prices was just over 4% in September, similar to that observed every August day, while the year-on-year rise reached 488,865% and the accumulated so far this year reached 115,824%.

The data, according to Alvarado, are "horrible".

The Venezuelan Parliament, which reports inflation since January 2017 due to the fact that the Central Bank has not offered this data for more than two years, considered in September that the last economic package dictated by the president, Nicolás Maduro, "triggered the hyperinflation "in which the country is located since October 2017.

The International Monetary Fund (IMF) had estimated that this indicator would close this year at 1,000,000%.

Venezuela suffers a severe economic crisis despite its enormous wealth in resources, which forced Maduro to launch a package of measures to try to get the country out of the crisis.

Opponents and analysts point out that these measures, which include price freezing and tax reform, do not attack the root cause of the problems of the Venezuelan economy.

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