Saturday 12 June 2021

Venezuela’s Inflation Rate Is 56%

(QVENEZUELA) Venezuela’s inflation soared to 56.2 percent in 2013 but slowed in the last two months of the year after the socialist government forced stores to cut prices, officials said Monday.

caracas-venezuela-shopping-market-inflationThe national consumer price index decelerated from 5.1 percent in October to 4.8 percent in November and 2.2 percent in December, the central bank said in a report that was 20 days late.

President Nicolas Maduro said the figures led to annual inflation of 56.2 percent — the highest in Latin America — which he blamed on a “parasitic capitalist economy.”

- Advertisement -

“If Venezuela was not subjected to this economic war, we would have single-digit inflation, not 56 percent,” Maduro told a news conference.

Inflation is nearly three times as high as in 2012, when it hit 20.1 percent.

Maduro ordered appliance stores in November to slash prices, sent troops to enforce the move and threatened to arrest store owners who refused to comply.

Analysts attribute the nation’s high inflation to rigid currency and price controls that were launched in 2003 by late president Hugo Chavez, who died in March this year.The government has fixed the exchange rate at 6.3 bolivars for one dollar, fuelling a black market where the US currency is obtained at nine times the official rate.

- Advertisement -

The oil-rich country, which is heavily dependent on imports, has been plagued by shortages of basic goods ranging from meat to toilet paper.

The central bank’s report lacked its usual “scarcity” index, which serves gauge of the country’s chronic shortages.

Maduro said authorities found food prices inflated by more than 3,000 percent and that, had it not been for government-subsidized food programs, “there would have been a famine.”

The central bank’s report said food prices jumped 7.5 percent in November compared to 5.6 percent a month earlier.

“As has been the case in Venezuelan history, political tension and economic destabilization mixed in the form of a real economic war against the Venezuelan people,” the central bank said.

Source: Business Insider

- Advertisement -

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

New Television Program To Promote Family Fun

Q ENTERTAINMENT - Attention families of Costa Rica! A new contest...

Nicaragua government assures that detainees violated one of the Ten Commandments

TODAY NICARAGUA – The vice president of Nicaragua and First Lady,...

MOST READ

Quepos flooded by heavy rains (Photos)

QCOSTARICA - The residents of the Central Pacific endured heavy rains Monday afternoon, June 7, hardest hit the town of Quepos, where the streets...

Costa Rica cannot feel safe from covid-19 before having about 80% of population vaccinated

QCOSTARICA - No doubt, vaccines are one of the most powerful tools to maintain control of Covid-19, but when it comes to entire populations,...

Nicaragua government assures that detainees violated one of the Ten Commandments

TODAY NICARAGUA – The vice president of Nicaragua and First Lady, Rosario Murillo, assured that those who feel persecuted are for the crimes they...

Daniel Ortega undertook a hunt for presidential candidates and opponents

TODAY NICARAGUA – In an unprecedented persecution, the Daniel Ortega regime detained four presidential candidates in one week, a move that is part of...

Costa Rica will have a system to reduce marine pollution

QCOSTARICA - Costa Rica will have a system called "Interceptor" that will eliminate floating and suspended waste from the upper layer of its waters,...

Carlos Alvarado describes calls reprehensible the persecution of Ortega against opponents in Nicaragua

QCOSTARICA - The President of Costa Rica, Carlos Alvarado, described the persecution of Nicaragua President Daniel Ortega against opponents as reprehensible after the government...

Bus stops could be a covid-19 contagion bomb

QCOSTARICA - It's five in the afternoon on any given Wednesday in San José. Hundreds of people returning to their homes begin to crowd...

Estadio Nacional

QCOSTARICA - The multipurpose national stadium, the first modern sport and event arena to be built in Central America, located La Sabana. The stadium was...

Which countries could follow El Salvador by making it legal tender?

Q24N - El Salvador may be the first country to adopt bitcoin as legal tender, but recent developments suggest that it might not be...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.