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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)

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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.

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

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