Saturday, 1 March 2014

Inflation in Venezuela 2

In an article, Anti-government protests continue in Venezuela, from the TVNZ website it is stated that,
About two weeks of student-led protests mostly in middle-class neighbourhoods have left 17 dead. Venezuelans face inflation that hit 56 percent last year, scarcity of basic necessities and runaway violent crime (emphasis added).
The 56% figure is the official annual inflation rate (56.19% in December 2013) but as the posting directly below makes clear this is an underestimate of the true rate of inflation. The true rate likely to be over 300%. Surely TVNZ journalists can find this fact out. A 300% inflation rate seems like a better indicator of the economic problems being faced by people in Venezuela  and thus a better indicator of why they are protesting.

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