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Venezuela accumulated 1,798% of inflation in the first ten months of 2020, according to data from the Venezuelan Financial Observatory (OVF), released today by the National Assembly (AN), the parliament of that South American country.
“October inflation was 23.80% and accumulated inflation was 1,798.57%. The Central Bank of Venezuela increased its monetary liquidity by 23% in October to continue financing the executive deficit, “explained deputy Ángel Alvarado, of the Financial Committee of AN.
On the other hand, the deputy said, during a press conference, the strong bolívar (the local currency) depreciated by 25% in October, “which has the consequence that the salary has remained out of date and today covers a historical 0.72%. “.
“We are seeing the greatest wage destruction in Venezuela,” he said.
Ángel Alvarado also explained that “during the 3rd quarter of 2020, Venezuela became the biggest economic collapse in modern history”.
“It took only seven years for socialism to [Nicolás] Maduro destroys 90% of the national economy, “he said.
According to the OVF, “among the items that had the highest inflation” in October there are “appliances with 34.2%, food and soft drinks with 32.7%, clothes and shoes with 30.5%. % and the category of restaurants and hotels with 27% ”.
Followed by “alcoholic beverages and tobacco with 25.4%, transport 21.8%, health 21.5%, housing rental 20% and education 18.4%, among others”.
“The basic representative basket value for a family of five reached $ 234 [cerca de 198 euros]. The Venezuelan faces the pandemic [do novo coronavírus] without any help or support ”, he declared, recalling that“ the minimum wage is 400,000 bolivars, that is less than a dollar ”.
On the other hand, Ángel Alvarado pointed out that Venezuelan economic activity decreased by 50.44% in the third quarter of 2020.
“Thus Venezuela has lost half of its economic activity this quarter,” the deputy said, specifying that the cumulative decline in economic activity is -92.4%.
“Venezuela is facing something deeper, it is not just covid-19, it is facing the collapse of the national oil industry and Maduro’s inaction and inability[NicolásilPresidentoftheRepublic)toimplementfiscalpoliciesthatprovidetheliquiditytocompaniesandfamilies”concluded[NicolásoPresident[NicolásilPresidentedellaRepubblica)diattuarepolitichefiscalichefornisconoliquiditàalleaziendeefamiglie”haconcluso[NicolásoPresidentedaRepública)paraimplementarpolíticasfiscaisqueproporcionemliquidezparaempresasefamílias”concluiu
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