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Venezuela reports 2020 inflation of 3,000 percent

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(FILES) In this file photo taken on September 03, 2020 a man buy bananas at the municipal market of Chacao in Caracas amid the COVID-19 novel coronavirus pandemic, as inflation increases in Venezuela which is in the midst of the worst economic crisis in its history after seven years of recession. – Venezuela closed 2020 with an accumulated inflation of 2,959%, according to figures published on February 11, 2021 by the Central Bank (BCV). (Photo by Federico PARRA / AFP)

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.

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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.

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