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Venezuelan Congress says inflation has hit quadruple digits

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Venezuelan Congress says inflation has hit quadruple digits

Consumer prices in Venezuela increased 1,369% between January and November of 2017, reaching quadruple digits for the first time, Reuters reported, citing data from the country's opposition-led Congress.

Venezuela's Congress started disclosing its own inflation figures earlier in 2017 after the country's government stopped publishing data. The legislative body estimates that inflation will top 2,000% for full year 2017.

Economists commonly consider a country to be in hyperinflation when the monthly rate exceeds 50% for three months or when the annual rate is above three digits for three years.

Before it stopped publishing official data, central bank Banco Central De Venezuela put 2015 inflation at 180% and 2016 inflation at 240%.