Inflation rose to 2,959.8% in 2020 in Venezuela, according to figures released Thursday by its Central Bank (BCV). The rate advanced by the institution, loyal to the government of Nicolas Maduro, is below the estimates of the previous Parliament elected in 2015 and dominated by the opposition, which since 2017 disclosed its own index of inflation.
In December 2020, this Parliament announced a rate of 3.045.92% between January and November. According to the BCV, the price variation increased by 46.6% in January, down compared to December (+ 77.5%).
Worst crisis in its modern history
The Central Bank has a habit of releasing its economic indicator figures late, and sometimes does not disclose any for months. The latest updated figures showed cumulative inflation between January and September of 844.1%.
Venezuela, mired in the worst crisis in its modern history and going through its seventh consecutive year of recession, closed the year 2019 with an inflation of 9,585.5%, according to the institution. At the same time, the value of the local currency – the bolivar – has fallen, a scenario in which the dollar has gained ground in the oil-producing country, which suffers from the highest inflation in the world.