CARACAS – Hyperinflation continues to wreak havoc in Venezuela as the nation’s opposition-dominated Congress (aka National Assembly or AN) reported monthly inflation of 30% in September on Thursday afternoon, 2.1 percentage points higher than the 27.9% rate by the Central Bank of Venezuela (BCV) on Tuesday.
Likewise, the AN reported accumulated inflation of 1,433.58% while the BCV said the Consumer Price Index (CPI) hit 844.05%, or 41.13% lower, during the first nine months of the year.
In annualized terms, the inflation rate reported by the AN is a whopping 3,246% at the closing of September while the BCV said it was 1,813.9%, or 78.95% lower.
Separately, the AN said through its Permanent Finance and Economic Development Commission that the basic food basket cost $211 during the same month, with the official minimum monthly salary standing at less than $1.
Inflation was spurred in the first place by the Restaurants and Hotels category (47%), a sector severely punished by the COVID-19 lockdown, followed by Services (37.8%), Clothing and Footwear (35%), Household Appliances (34.1%), Healthcare (33.2%), and Food and Non-Alcoholic Beverages (25.4%).
Alfonso Marquina, an opposition lawmaker, told reporters on Thursday that the administration of Nicolás Maduro has managed to slow down inflation but at the expense of a huge contraction in the Venezuelan economy, which registered a 51.2% drop from January through July according to AN calculations.