Venezuela Reports 2020 Inflation of 3,000 Percent

Venezuela ended 2020 with inflation of nearly 3,000 percent, the central bank said Thursday.

The oil-rich country is mired in the worst economic crisis of its modern history and struggling through its seventh straight year of recession.

Venezuelans endure acute shortages of food and medicine and even such basics as soap and toilet paper.

The inflation figure for 2019 was 9,585 percent, the bank said.