Inflation by the end of 2017 in Venezuela reached 2616%. These data are released on Monday, the Committee on Finance of the National Assembly (unicameral Parliament), under the control of the opposition.
“In December, the growth rate was 85% and cumulative inflation — 2616%”, — quotes the statement of Committee member Rafael Guzman Twitter of the legislature. The Deputy noted that Venezuela was “the only country in the world”, where there is hyperinflation.
Forecast to 2018
Member of the Finance Committee of the National Assembly Jose Guerra predicts that in 2018, Venezuela runs the risk of accelerating hyperinflation.
“If Parliament calls will be ignored then in 2018 we’ll get to 14 000% of hyperinflation, do not have the resources to buy anything, and people will depend on the government, which also has insufficient funds to feed 30 million [people]”, — quotes Mr. Twitter of the National Assembly. According to released Monday estimates of the parliamentary Committee, inflation in Venezuela at the end of 2017 exceeded 2600%.
According to Guerra, only in December 2017, the growth rate was 85%, and “this is more than the accumulated inflation in all Latin America put together.” “The cause of the hyperinflation spiral began printing money by the Central Bank of Venezuela to continue to Fund the government,” — said the Deputy.
In 2017 the Venezuelan government headed by President Nicolas Maduro five times to raise the minimum wage in the country. From 1 January this year, it was again enlarged, with 177,5 thousand to 248,5 thousand bolivars. According to the established government rate, $ 1 is worth 10 bolivars, but on the black market for the dollar asking more than 111 thousand bolivars.
Over the past years, Venezuela is going through an acute socio-economic crisis, accompanied by rapid inflation and depreciation of the national currency. The International monetary Fund believe that in 2018, the rise in consumer prices in the country will be 349,3 2%.
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