Inflation in Venezuela reached 10.6% in August – OVF

Due to the inflation and the runaway devaluation of the bolivar, there has been a process of transactions dollarization in the economy, as most purchases are made in the U.S. currency.

RIO DE JANEIRO, BRAZIL - Monthly inflation in Venezuela stood at 10.6% in August, according to the Venezuelan Finance Observatory (OVF), an independent entity comprising several economic analysts.

On Twitter, OVF said that the 12-months inflation stood at 1,743%, while accumulated inflation so far this year reached 470.3%.

On the other hand, the observatory reported that the basic food basket "reached the cost of US$305.09."

The items that increased the most during August were leisure (35%), services (24%) and food and beverages (9.7%).

Inflation last July stood at 19%, a spike after reaching 6 . . .

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