Girish Gupta

HOME

PHOTOS

ONLINE

Twitter
Instagram
IFTTT
Facebook
LinkedIn
Keybase
GitHub

BY COUNTRY

Brazil
Colombia
Cuba
Ecuador
Egypt
Guyana
Iraq
Jordan
Lebanon
Mexico
United Kingdom
Venezuela

BY MEDIUM

Text
Photo
Radio
TV/Video

BY PUBLISHER

Al Jazeera
BBC
BuzzFeed
CBC
Christian Science Monitor
CNN
Daily Mail
Datum
Ecologist
Economist Intelligence Unit
Emerging Markets
Financial Times
Foreign Policy
France 24
Fusion
GlobalPost
Guardian
Independent
La Prensa (Panama)
LatinFinance
Mancunion
Monocle
National (Abu Dhabi)
New Internationalist
New Statesman
New York Times
New Yorker
NPR
PBS
PRI
Radio France Internationale
Reuters
RTE
Sky News
Sun
Sunday Times
Telegraph
TIME
Times of London
USA Today
Vice
WLRN

ABOUT

About
CV
Contact (PGP Key)
Venezuela says inflation 274 percent last year, economists say far higher
Apr. 20, 2017 — Caracas, Venezuela

Annual inflation in crisis-hit Venezuela last year reached 274 percent, according to data the central bank provided to the International Monetary Fund, although many economists believe the true figure is far more alarming.

In the midst of a bruising economic crisis, the leftist government of President Nicolas Maduro has not published inflation data for more than a year.

Venezuelan consultancy Ecoanalitica says inflation was 525 percent last year and New York-based investment bank Torino Capital - using one popular food item as a proxy - put it at 453 percent.

Maduro himself last year increased the minimum wage by 454 percent, saying the rise was to offset inflation.

The central bank did not immediately respond to a request for information.

A wave of anti-government unrest is underway across the country. Hundreds of thousands of people took to the streets on Wednesday, only to be dispersed with tear gas and water cannons.

One factor for high inflation is Venezuela's soaring money supply, up more than 200 percent in the last year, its fastest rise since records began in 1940.

Purchasing power has eroded and salaries annihilated as a result. On the black market, $1,000 in savings when Maduro was elected in 2013 would now be worth less than $5.

The bolivar currency fell further against the U.S. dollar on Thursday and is now at its lowest value ever against the dollar, down 99.5 percent since Maduro came to power.

Inflation is one facet of the OPEC member's crippling economic crisis, as it contributes to putting basic food products out of reach for millions. Maduro blames the problems on an "economic war" being waged against it by the U.S. government and opposition "terrorists."

Many economists blame strict currency and price controls.

The IMF figure places Venezuela as the country with the second highest inflation in the world, after South Sudan which last year clocked inflation of 480 percent. The IMF did not receive Gross Domestic Product data from Venezuela's central bank.

Filed from
Caracas, Venezuela






More...

Exclusive: At least 123 Venezuelan soldiers detained since protests - documents
Jul. 6, 2017


Venezuela hikes minimum wage 50 percent, effectively down 17 percent
Jul. 2, 2017


Venezuela movie actor behind helicopter attack on government buildings
Jun. 28, 2017


Fourteen Venezuelan army officers jailed in first week of protests - documents
Jun. 6, 2017


Exclusive: U.S. considers possible sanctions against Venezuela oil sector - officials
Jun. 4, 2017


Exclusive: Trump administration concerned about U.S. firms giving financial 'lifeline' to Venezuela
Jun. 4, 2017


United Airlines ends flights to Venezuela, further isolating country
Jun. 3, 2017


Venezuela sets new exchange mechanism, as currency continues to slide
May. 24, 2017


Exclusive: Venezuela holds 5,000 Russian surface-to-air MANPADS missiles
May. 22, 2017


Venezuelan opposition activists march to Leopoldo Lopez' jail
Apr. 28, 2017


Venezuela says inflation 274 percent last year, economists say far higher
Apr. 20, 2017


Venezuelan protests against government leave three dead
Apr. 19, 2017


Venezuelans return to streets, roused by ban on opposition leader
Apr. 8, 2017


Venezuelan opposition, security forces clash in anti-Maduro protests
Apr. 6, 2017


Venezuela security forces battle anti-Maduro protesters
Apr. 4, 2017








© Girish Gupta