Venezuela's accumulated inflation in 2020 was 2,959.8%, according to the BCV

Venezuela's accumulated inflation in 2020 was 2,959.8%, its Central Bank reported Friday, contradicting data from an economic analysis bureau that answers to opposition leader Juan Guaidó and which had placed it at 3,713%.

The Central Bank of Venezuela (BCV) also published that monthly inflation in January this year was 46.6%, an indicator also different from that provided by the opposition, which put it at 55.2%.

The Venezuelan institution does not regularly publish this data, and has not reported it since last September, when cumulative inflation was 844.1%.

Given the irregularity of the Central Bank's data publications, which went even years without reporting the indicators, the Venezuelan opposition created a monthly report when it dominated the Parliament, between 2015 and 2020, to provide the indices.

After last December's legislative elections, in which the anti-Chávez majority did not participate, the opposition decided to create the Venezuelan Finance Observatory (OVF) with which it continues to report on the country's economic situation.

Last Tuesday, the founder of the observatory, ex-deputy Ángel Alvarado, explained on Twitter that Venezuela has already accumulated 38 months of hyperinflation "and is on its way to becoming the longest in history, passing Nicaragua".

The minimum wage in Venezuela, which is paid to the majority of the population, is 1.2 million bolivars (0.69 dollars according to the exchange rate), which has pushed many Venezuelans into informal jobs, paid in foreign currency, to supplement their income and be able to buy basic foodstuffs. 

Venezuela's hyperinflation process began in November 2017.