Venezuelan inflation, calculated on an annual basis, fell in May to less than 1 million per cent for the first time since last year. The corresponding figure for April was 1.3 million percent. This is according to information from the country-controlled parliament.
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The decline is, according to Parliament, a result of the central bank's efforts to reduce the amount of bolivar, the currency affected by the country's crisis, in circulation. But in Venezuela's crisis, where the political landscape is characterized by strong polarization, inflation levels are also subject to conflict.
According to the central bank, inflation in the last twelve months was just over 130,000 percent. However, Parliament's figures – which are about 10 times higher – are in line with International Monetary Fund (IMF) estimates.