In December of last year, inflation in Venezuela was 85% and for the whole year reached the level of 2616%. Such data are cited by analysts of the National Assembly of the country, the majority in which belongs to the opposition.
As recalled by Reuters, in January the minimum wage in Venezuela was increased by 40%. However, even though it is a little more than two dollars.
Earlier analytical Ecoanalitica website reported that in November 2017 inflation in Venezuela reached 1430%, and a Professor at Johns Hopkins University’s Steve Hanke has estimated the growth rate of prices in 4115%.
We will remind that elections of the National constituent Assembly of Venezuela passed in July after numerous protests that claimed dozens of lives. It is the constituent Assembly, which is intended to develop a new draft Constitution. As noted, the United States called Assembly elections “a blow to democracy throughout the hemisphere.”