Maduro affirms that Venezuela has abandoned “the state of hyperinflation”

President Venezuelan, Nicolas Maduro, said this Saturday that his country has left “the state of hyperinflation”, a period that began in November 2017, after “four months in a row with single-digit inflation.”

“I can declare politically, with the result of the inflation management between the months of September, October, November and December, which has been one digit with a downward trend, that Venezuela leaves the state of hyperinflation”, stressed the president in an interview broadcast on the multi-state channel Telesur.

Inflation last November in Venezuela, measured by the National Consumer Price Index (INPC) of the Central Bank of Venezuela (BCV), was 8.4%; in October it was 6.8% and in September 7.1%. For now, the December data is unknown.

Venezuela entered a period of hyperinflation in November 2017 that can be considered overcome, according to specialists, after 12 consecutive months with price increases below 50% each month.

December 2020 was the last month in which the INPC registered an increase of more than 50%, specifically 77.5%.

In this regard, Maduro predicted that the economic authorities will also declare the end of hyperinflation “in the coming months”, although he clarified that he can do so “politically”.

“Venezuela is taking a step, we are entering the year 2022 well, with growth, a slowdown in inflation, the generation of wealth that will allow all that wealth to be converted into education, health, housing, income and social happiness,” he commented.

About the year that began today, he expressed his hope that it will be possible to “raise national income” in order to “govern the exchange market” and “satisfy the foreign exchange needs of the economy to move.”

Currently, Venezuela is experiencing transactional dollarization, so most of the products are sold in the US currency and not in the national currency, the digital bolivar. EFE

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(video)