• Annual inflation peaked above 2 million percent earlier this year but has slowed since then.
  • “Despite this change, the country is still in hyperinflation"," Although there are products on the shelves, people cannot buy them because prices are still high.

 

CARACAS: Venezuela's monthly inflation slowed in September to 23.5%, according to calculations by the opposition-run congress, with consumer prices rising by an annualized rate of 50,100%.

Annual inflation peaked above 2 million percent earlier this year but has slowed since then, largely because of measures by the government of President Nicolas Maduro to restrict the supply of bolivar currency in the economy.

“Despite this change, the country is still in hyperinflation," legislator Alfonso Marquina told reporters. “Although there are products on the shelves, people cannot buy them because prices are still high."

August inflation was 65.2%, according to data released by congress.

Venezuela's central bank in May released economic indicators almost four years after having stopped publishing them. Those figures showed prices rising by 33.8% in April. The bank has not updated those figures since then.

Congress has for years released its own economic indicators in response to silence by authorities.