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The human cost of US 'economic war' on Venezuela: Hyperinflation hits 130,000% last year

http://www.rt.com/business/460537-venezuela-inflation-hundreds-thousand-percent/

Publisher:  RT
Date Written:  29/05/2019
Year Published:  2019  
Resource Type:  Article

Short article about the steep increases in inflation in Venezuela.

Abstract: 

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Excerpt:

Venezuela's inflation has been soaring dramatically and reached 130,060 percent in 2018, the country's central bank said in its first report on key economic indicators since 2015.

The latest data from the watchdog released on Tuesday means that an item that cost 1 bolivar in 2017, cost 1,300 bolivares a year later. Even compared to the huge inflation spike in 2017 of 862.6 percent, last year was disastrous for the country's economy....

Oil exports, accounting for around 90 percent of the country's revenues, plummeted to $29.8 billion in 2018, down from $85.6 billion in 2013 and $71.7 billion in 2014, when oil prices dropped triggering the collapse of the nation's economy. Apart from its domestic economic crisis, US sanctions against Venezuela's energy sector have also contributed greatly to the financial losses as last year’s crude exports dropped 5.6 percent.
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