Hyperinflation in Venezuela: the index of price increases was 191.6% in January

The economic situation in Venezuela is every year more worrying. In January inflation was 191.6%According to data from the Parliament 's Finance Committee, which in turn indicated that the spiral of hyperinflation experienced by the country in the past two years has "accelerated".

"For the month of January, we have a variation of 191.6%," said the deputy during a press conference Ángel Alvarado, who placed the daily price increase in the oil country at 3.5%.

Inflation of one year on the other, between January 2018 and 2019, is established at 2,688,670%, according to data from the National Assembly, with a majority of opposition, which accounted for 1,698,844.2% of this indicator in 2018. Alvarado said that so far this year there was an "acceleration of more than 50 points compared to the last quarter" of 2018 in terms of monthly change in the consumer price index.

This is due, he explained, to the change in the exchange rate only in January, it depreciated by 194% pbading an American dollar from 739 to 2 174 bolivars.

He also said that monetary liquidity had increased 75% in the first month of the year and that he felt that political tension between the executive and the legislature – which are not recognized between them- "It generates a big disruption" in economic agents and shakes up clues such as inflation.

Prices for food and non-alcoholic beverages rose 262% in January, while those of housing rose by 202% and transport by 451%.

The basic food basket – which must be covered by the minimum wage according to the Constitution – reached last month the cost of 537,620 bolivares (about 163 dollars) while the basic legal income is about six dollars a month.

"The minimum wage buys only 3.68% (from the basket), which is a good measure of the level of misery in which the Venezuelan people live," added the legislator.