Venezuelan consumer prices rose 488,865 percent in the
12 months ending in September, a member of the opposition-run congress reported
on Monday, as the OPEC nation’s hyperinflation continues to accelerate amid a
broader economic collapse. Daily inflation is now 4 percent, according to
opposition legislator Angel Alvarado, with monthly inflation rising to 233
percent in September from 223 percent in August. In an effort to stabilize
prices, President Nicolas Maduro in August cut five zeros off the ailing
bolivar currency, boosted the minimum wage by 3,000 percent, and pegged
salaries to an elusive state-backed cryptocurrency. More…
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