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Chamber confirms hyperinflation in Venezuela with 825% accumulated inflation

The National Assembly of Venezuela (AN, Parliament), of opposition majority, confirmed today that the Caribbean country entered into a hyperinflation process and reported that accumulated inflation up to October this year stood at 825.7%, an index offered by the Chamber in the absence of Central Bank data.

Caracas, Nov. 7 (EFE) .- The National Assembly of Venezuela (AN, Parliament), with an opposition majority, confirmed today that the Caribbean country entered into a hyperinflation process and reported that the Accumulated inflation until October of this year stood at 825.7%, an index offered by the Chamber in the absence of data from the Central Bank.

"This month we must say, Mr. President, that the Venezuelan economy has already formally entered into a hyperinflation process, "said deputy Ángel Alvarado during a debate in Parliament that corroborated this statement.

"index of the month of October, which closed the study over the weekend, (...) was 45.5% and the accumulated during the first 10 months of the year is 825.7%", added Alvarado when alerting by the end of the year it could close at 1,400%.

"The growth of inflation is geometric, exponential, and every time it is higher and inflation is maintained for the year that It could be around 12,000%, "he said.

During the months of July, August and September, Venezuela had a monthly inflation of 26%, 33.7% and 36.3%, respectively.

Because the BCV has not published inflation and other economic indicators of the country for more than a year, Parliament decided last January to report the index of Consumer prices to offer monthly data on inflation.

"For this purpose, a basket of goods and services was defined, representative of Venezuelan consumption, according to the the information provided by the "IV Survey of family budgets carried out by the INE (National Institute of Statistics)", explained the Chamber at that time.

According to the BCV the inflation in the Caribbean country closed 2015 at 180.9%, and this is considered by the Government of Nicolás Maduro as a problem induced by an "economic war", and blame businessmen and opponents of the serious crisis that crosses the oil nation.

The Central Bank has been silent since 2016 about the official figures of inflation, Gross Domestic Product (GDP) and shortage in Venezuela.

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