The Central Bank of Venezuela released a set of central bank data which has revealed a staggering rate of inflation and a massive increase in prices.
This is the first such report released by the central bank since 2015, and the report paints a stark picture.
Prices in Venezuela skyrocketed by over 130,000% in 2018, as reported in the first release of inflation data in three years. The country reported monthly price rises of over 50% during most of 2018. Inflation in 2017 was also terrible, exceeding 850% for the year according to the report. Every quarterly GDP report has shown a drop of at least 10% for the last 11 quarters in a row. These are just some of the terrible indicators that were released on Monday.
According to the Bureau of Labor Statistics, the annual inflation rate in the US was 1.9% for 2018, and 2.1% for 2017, for reference. To add fuel to the fire, the political situation in the troubled country has not shown signs of letting up any time soon. The combination of the radical increase in prices while the economy continually contracts has led to over 3 million Venezuelans leaving the country. Inflation has made basic necessities such as food and medicine unaffordable. According to CNN, one dozen eggs can be purchased for $150 on the black market, while a kilogram of pasta costs $300. According to the Associated Press, even criminals are suffering from inflation. Criminals have become more hesitant to fire shots given the ridiculous cost of bullets, and most are reportedly having great difficulty finding anything worth stealing.
