CARACAS: Annual inflation in Venezuela, one of the driving forces behind a wave of anti-government protests, hit 57.3 percent in February, the central bank said.
Despite the protests, inflation slowed to 2.4 percent, the Central Bank of Venezuela (BCV) said, compared to 3.3 percent in January, the second lowest rate in the last 12 months but still the highest year-on-year in Latin America.
Analysts have routinely attributed Venezuela’s crippling inflation to rigid currency and price controls. The oil-rich country, which is heavily dependent on imports, has been plagued by shortages of basic goods ranging from meat to toilet paper, sparking the demonstrations that are the biggest test of Maduro’s leadership since he took power.
Areas that saw the biggest price increases included the health sector, hotels, alcohol and restaurants. In November, the government ordered appliance stores to slash prices, sent troops to enforce the move and threatened to arrest store owners who refused to comply. AFP
