Year to year inflation in Venezuela stands at 2.3 million percent

[GatoGordo]

War: Inflation for the month of February stood at 53.7%
Deputy José Guerra announced that annualized inflation (February 2018 to February 2019) reached the alarming figure of 2,295,981.2%. The accumulated between December and February is 348.2%

translated from Spanish

Caracas.- Inflation during the month of February of the current year stood at 53.7%, which translates into a deceleration of the phenomenon that in the month of January was 191.6%, but staying in the field of hyperinflation, informed this Thursday the deputy to the National Assembly (AN) José Guerra.

Via Twitter the parliamentarian published official information in which it was reported that the accumulated inflation in the period from December 2018 to February 2019 was 348.2%

Link to tweet

The also member of the finance committee of the Venezuelan Parliament warned about the bulky figure of annualized inflation, in the period from February 2018 to February 2019, which stands at 2,295,981.2%, respectively; being one of the highest inflation rates of recent times.

Venezuela faces a severe economic crisis marked by a shortage of basic necessities, coupled with inflation that "devours" wages, say opponents.

Last month, the Finance Committee determined that daily inflation in Venezuela in January stood at 3.5%, which is why the rise in prices reached 191.6% at the end of that period.

http://www.eluniversal.com/economia/35294/guerra-inflacion-del-mes-de-febrero-se-situo-en-537

Wait... inflation has... slowed from last month? YES! The bad news is that because there is no money to purchase anything unless its in dollars. And that is if there is something worthwhile to purchase. There is only so much you can buy with 16 cents per day!

[demosincebirth]

1. Reminds me of Germany after WW1.

[MRubio]

2. I recall paying a guy cash for raw coffee beans and he........

....literally left with a sack of bills. Must have weighed 40 kilos. And now that I mention it, with last year's bolivar fuerte, we used to weigh stacks of bills on an electronic scale instead of counting them. 110 grams for 100 bills.

[demosincebirth]

3. I remember reading, after WW1, some German people had to carry thier cash in wheelbarrels.

I can't imagine that.

[MRubio]

4. Yeah, heard that story.

Was to buy a loaf of bread IIRC.

It got crazy here last year. Instead of being able to talk politics and Venezuela on-line as I so much enjoy doing, I was forced to spend my spare time counting (with a machine mind you) organizing, and wrapping bills. Thousands upon thousands upon thousands of near-worthless bills. We'd then load them into those plastic milk or juice bottle crates and haul them to the bank. Even though violent crime here is out of control, I never worried about unloading those crates of bills onto the sidewalk in front of the bank because no one would be stupid enough to steal one. Heck, it would have been a relief if some of them were stolen. Less work for my old back.

We're right back where we were in less than a year with the new currency. It's worthless as well. Only difference is that there aren't many bills floating around. Thank god.