The presidential commissioner for Foreign Affairs, Julio Borges, announced Monday that Venezuela tops the list of the countries with the highest inflation in the world, according to figures recorded in the October report of the International Monetary Fund (IMF).
Furthermore, the Venezuelan diplomat said that “the pockets of Venezuelans are beaten every day while Maduro steals and gives away the resources to stay in power and continue promoting destabilization.”
HYPERINFLATION TOPS 1,145% SO FAR INTO 2019 IN VENEZUELA
The deputy Ángel Alvarado, President of the Finance Commission of the National Assembly, announced the national price index presented in the AN, which reports a drop in the first quarter of the economy of 39.9% and a cumulative of 64% for the year.
Alvarado insisted that it is very important to express the magnitude of this crisis since doing so will explain “the huge fall in economic activity” and what is happening with inflation in Venezuela.
“The inflation in the month of June of 2019 is 24.8%, which gives us an accumulated variation in the first half of the year of 1,155% and an inter-annual variation of 445,482%, which means, as we have previously reiterated, that the inflationary phenomenon continues in Venezuela”, said the president of the AN Commission.
“Hyperinflation will continue to be present in the country, as long as these numbers do not fall significantly for at least two years, these remain extremely high”, Alvarado emphasized.