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Venezuela: Inflation Climbs above 60 percent in May

By: PanAm Post Staff - Jun 16, 2014, 11:41 am

EspañolIn May, Venezuela’s official annualized inflation rate climbed to 60.9 percent due to increases in transportation and food prices. According to a press release from the Central Bank of Venezuela (BCV) last week, this was caused by “events of political unrest” that affected the production and trade of goods.

The BCV states that the protests against Nicolás Maduro’s government are responsible for the acceleration of inflation rates in the oil-producing country. The protests, which have noticeably cooled since April, have left 42 people dead, hundreds injured, thousands arrested, and caused damage to public businesses and offices, according to official reports.

The opposition party, on the other hand, claims that Maduro’s misguided policies are to blame for the widespread shortage of basic goods, inflation, and crime.

The unofficial inflation rate stands at 153 percent.

Source: Reuters.