HYPERINFLATION. View of a tree decorated with banknotes which are worthless – as a result of inflation – as people queue at a gas station in Caracas, Venezuela, on March 10, 2019. Photo by Yuri Cortez/AFP
CARACAS, Venezuela – Venezuelan inflation over the last 12 months to May was 3,684%, the opposition-controlled National Assembly said on Tuesday, June 9. In a statement, the legislative body said total inflation in May was 15%, compared with 80% in April. Since the start of the year, prices have risen by more than 400%, but year-on-year inflation has actually come down from 4,210% in April.
"It's not a regression," said legislator Rafael Guzman, a member of the finance commission, blaming the numbers on"the fall in consumption" due to theDue to a lack of figures published by President Nicolas Maduro's government, the National Assembly has issued its own statistics since 2017.did publish some figures on Monday, June 8, putting the monthly price increase at 38.
3,600% hmm, thats good ole socialism folks.
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