Friday, October 11, 2013

High Venezuelan Inflation

Venezuelan inflation hit 49.4% in September. Here is a visual from the Central Bank:

It's hard not to notice that inflation really began to jump after Hugo Chávez died in March. Regardless, the government will very quickly start spinning this. I don't yet see any mention of it in the Agencia Venezolana de Noticias, but from past experience the explanation will center on sabotage, hoarding, and perhaps even just abundance of money.

But when you've just taken the reins of a government that has been in power for well over a decade, it gets harder to pin the blame on the opposition for everything. So it's just more bad news for Nicolás Maduro, who has had precious little good news.


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