Inflation in Venezuela nears 3,000%

The price increase in Venezuela in 2020 reached almost 3,000%, Report informs, citing the Central Bank of Venezuela (BCV).

According to the bank, the inflation rate was 2,959.8%. The minimum price growth was recorded in March (13.3%) and the maximum in December (77.5%).

In February 2020, the Central Bank reported that inflation in 2019 was 9,585.5%.

In recent years, Venezuela has been experiencing a socio-economic crisis, accompanied by hyperinflation, devaluation of the national currency, and a shortage of essential goods. According to the UN, about 4.5 million people left the country, almost 80% of them are in neighboring countries.