Venezuela Faces Deteriorating Economy As Inflation Only Worsens

The Central Bank revealed that the consumer prices had risen by 27.9% in September, in the once oil and gas rich South American country

Raghav N

October 9, 2020

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2 min

zeekannada

Venezuela is facing its worst-ever economic crisis with growing poverty, hunger and unemployment. The Central Bank released a data report on Tuesday that showed the South American country’s consumer rates increase by 27.9% in September.

The once oil and gas rich nation’s people are struggling to buy basic supplies for their families because of the mounting and unaffordable prices. Everyday commodities are shockingly expensive with one kilogram of rice costing 3 lakh rupees and locals having to shell out one lakh rupees for two kilograms of potatoes.

With the Coronavirus pandemic making the situation even more tight, an English media house reported that the Latino country may print denominations of one lakh on its note so that people don’t have to carry a bulk of notes to the market. The Venezuelan currency, the Bolivar will still be equal to only 0.23 an American Dollar.

The crisis intensified under President Nicolas Maduro, where the country’s oil production went down due to lack of maintenance and investment, leading to a drop in its prices. Oil was one of the sources why the country thrived earlier. Anti-democratic methods, corruption and mismanagement of the economy led to this almost irreparable crisis, according to experts.

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