News Daily Spot: Venezuela's accumulated inflation to November from 219.4%

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Venezuela's accumulated inflation to November from 219.4%

The national consumer price index registered an increase of 17.8% in November: a jump of 5.7 percentage points to inflation in October, said a source close to the Central Bank of Venezuela source. Thus the prices recorded an accumulated inflation between January and November of 219.4%, which breaks all the forecasts that national and international firms had estimated for the end of the year, reported El Nacional.


Thus, corresponding to the call annualized inflation index which measures the performance of prices in the last 12 months it stood at 236.3%, the highest recorded in the contemporary history of Venezuela.

So far this year the central bank has refused to release official statistics on the performance of the economy.

Economists have said that the measures taken by the government to control the shortage of goods have not contributed to the behavior of prices stabilize. In addition, they have warned that the absence of exchange rate and monetary decisions is driving inflation to levels never seen in the country. The main drawback is the impression they said inorganic money.

Through a note that Petroleos de Venezuela maintains with the BCV will it is pumping money into the economy. From time to time the Mint, Maracay, Aragua, prints money without backing in gold or foreign exchange reserves, and that money goes into the economy through disbursements to government agencies, ministries, payments to suppliers etc.

The EcoanalĂ­tica firm has indicated that inflation will be 300% in 2016, but has warned that an institutional crisis occur, following the elections to the National Assembly, the forecasts for the rise in prices and hence worsen expected that inflation could reach 800%

The consultant recently said that only with an adjustment plan that includes the convergence change and national recovery plan for private device the average rise in prices would stand at 150%.

Inflation the firm had projected for the end of 2015 was 205%, but fell short with respect to the unofficial figure filtered by the BCV.

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