January 21, 2021

Venezuela’s inflation rises to 27.9% in September -central bank

CARACAS, Oct 6 (Reuters)Venezuelan consumer prices rose 27.9% in September, central bank data released on Tuesday showed, as surging inflation contributes to rising poverty in the once-prosperous OPEC nation.

In August, prices rose 24.7%, according to central bank data. Overall accumulated inflation in the past nine months has risen 844.1%, the numbers showed.

In February and March, the government managed to lower prices after a partial economic opening that included relaxing price controls on the private sector. But prices have been on the rise during much of the national quarantine, in place since March due to COVID-19, with the exception of July when there was a slowdown and the rate was just 19.6%.

In September, prices rose in communications and education, according to official information.

President Nicolas Maduro has overseen a six-year economic collapse, compelling 5 million Venezuelans to emigrate.

(Reporting by Mayela Armas; Writing by Sarah Kinosian; Editing by Richard Chang)

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