Venezuelan National Assembly Reports Inflation Over 1,000 Percent in 2020

RIO DE JANEIRO, BRAZIL – The year-on-year price increase stands at 3,078 percent, as reported by the Legislative Branch, the only body that is not controlled by the Maduro dictatorship. Four out of every five Venezuelans are unable to cover the basic food basket.

Up to August, Venezuela accumulated an inflation of 1,079.67 percent, according to data published on Wednesday by the National Assembly (NA, Parliament). The figure is far higher than the Central Bank’s (BCV) latest report. The institution, controlled by Chavismo, had assured that until July prices had increased by 491.9 percent.

Meanwhile, year-on-year inflation stands at 3,078 percent. In a statement, the Venezuelan parliament said that the information reflects that the country “remains in the same hyperinflation trend of the past 35 consecutive months.”

The data was submitted by the Parliament’s Finance Commission and places the August inflation at 25.04 percent, below the 55.05 percent that closed the indicator last July, again according to legislative reports.

Deputy Ricardo Aponte, member of the parliamentary body, explained that only in August, clothing and footwear products increased by 43.23 percent, goods and services by 42.51 percent, and health care by 28.14 percent.

Parliament also recalled in its press release that an average family requires approximately US$300 (R$1,500) per month for food alone, while the legal minimum wage, which most workers earn, is less than US$2 per month.

In late April, Maduro’s regime increased the minimum income by 77.7 percent, which is the sum of the basic salary and a mandatory food allowance, the second increase in the year. However, the amount is insufficient to buy one kilo of meat (US$3.50).

According to the Living Conditions Survey (ENCOVI), prepared by three of the country’s main universities, four out of every five Venezuelans cannot afford the market basket.

The Chavista Central Bank reported, after months in which it failed to provide data on inflation in the country, that the inflation figure for July stood at 19.6 percent and 25.1 percent in June.

In Venezuela, which has plunged into the worst economic crisis in its modern history and is heading for its seventh year of recession, the Bolivar has depreciated by 79.37 percent from January to date, a scenario in which the dollar has prevailed as the common use currency.

Hyperinflation and the scarcity of some products have led to the exodus of over five million Venezuelan citizens, according to data compiled by the United Nations Organization.

Nicolás Maduro’s dictatorship blames the country’s troubles on an alleged “economic war”, but the Venezuelan opposition blames him for the crisis created by the Executive while asking him to resign from power, which he has held since 2013.

Source: infobae