Close

Request a call back

The rate of inflation in Venezuela exceeded 24500% year on year

The level of inflation in Venezuela in May 2018 exceeded 24500% year on year, and prices grew by 2.4% every day. This was reported on Monday by the head of the Finance Committee of the National Assembly Rafael Guzman. The unicameral parliament of the country is under the control of political opponents of the government headed by President Nicolas Maduro.
"In May, hyperinflation in Venezuela amounted to 110.1%, accumulated - 1995.2%, in annual terms - 24571%," Guzman said. Official data on price increases in Venezuela are not published for several years.
"These data show that nothing has been done to stop hyperinflation, and while they are looking for ways to preserve power, they are destroying the lives of Venezuelans." - Rafael Guzman, head of the Finance Committee of the National Assembly.
The government again raised the minimum wage in the second half of April.
Taking into account the funds allocated for the purchase of food, the minimum guaranteed income of a working citizen was 2.55 million bolivars.
At the same time, according to experts from non-governmental organizations, the cost of food, set for a month for a family of three, was 120 million Bolivars.