Venezuela’s inflation stood at 1.3 million percent in past yearDecember 11, 2018 - 15:54 AMT PanARMENIAN.Net - Venezuela’s consumer prices rose 1.3 million percent in the year ending in November, the opposition-controlled National Assembly said on Monday, December 10 as hyperinflation and recession grip the OPEC member, Reuters reports. The International Monetary Fund (IMF) forecast earlier this year that inflation would top 1 million percent in 2018 and 10 million percent next year. Monthly inflation decelerated to 144 percent in November from 148 percent the prior month and 233 percent in September, the National Assembly said in a report. Socialist President Nicolas Maduro late last month increased the monthly minimum wage by 150 percent to 4,500 bolivars, fewer than $10 at the black market exchange rate. Citizens had complained that they could not afford basic items despite a previous 60-fold minimum wage increase in August. The National Assembly has become the only reliable source for consumer price data since the government stopped publishing economic indicators years ago as falling oil prices sent activity tumbling. The IMF has been pressuring Venezuela to provide it with official economic data, sources said last month. Maduro blames an ‘economic war’ waged by domestic business interests and the United States for Venezuela’s woes. Critics point to his interventionist policies and printing of money to finance a wide fiscal deficit as the causes of hyperinflation and shortages of basic goods. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |