<p>Crisis-wracked Venezuela's yearly inflation rate rose to over 4,000 per cent in July, the opposition-controlled parliament said on Wednesday.</p>.<p>Inflation over the last 12 months dipped to 3,500 per cent in June from almost 3,700 per cent the previous month, but it is back on the increase.</p>.<p>The National Assembly has been releasing inflation figures since 2017 due to a lack of data from the government of President Nicolas Maduro.</p>.<p>July's inflation was 55 per cent, up from the 19.5 per cent in June, opposition legislator Alfonso Marquina said.</p>.<p>Venezuela is in the midst of the worst economic crisis in its history after seven years of recession.</p>.<p>The bolivar has "lost its exchange function" due to depreciation, Marquina said, adding that the US dollar has replaced it as Venezuela's common currency.</p>.<p>At the end of April, the government increased the minimum wage by 78 per cent but it's still worth only $2.80 a month when a kilogram of meat costs $4.00.</p>.<p>Marquina said the average four-person family needs $213 a month to survive.</p>.<p>According to a survey by three top universities, four out of five Venezuelans cannot afford the basic necessities to live.</p>.<p>In 2019 the Central Bank said Venezuela finished the year with inflation of 9,500 per cent, significantly higher than parliament's figure of 7,400 per cent.</p>.<p><strong>READ: <a href="https://www.deccanherald.com/international/us-turns-screws-on-maritime-industry-to-cut-off-venezuelas-oil-860566.html" target="_blank">US turns screws on maritime industry to cut off Venezuela's oil</a></strong></p>.<p>Meanwhile, the Organization of Petroleum Exporting Countries said Venezuela's production remained at levels not seen since 1934.</p>.<p>Figures sent by the government to OPEC showed production at 393,000 barrels a day, practically identical to June's data.</p>.<p>That's barely more than 10 pe rcent of the 3.7 million bpd Venezuela was producing at its peak in 1970.</p>.<p>Other figures provided to OPEC based on market data shows Venezuela's production at just 339,000 bpd, compared to 356,000 in June.</p>.<p>Just 12 years ago, Venezuela's state oil company PDVSA was producing 3.2 million bpd.</p>.<p>Experts blame the production drop on government mismanagement, corruption and a failure over many years to invest in infrastructure upgrades and maintenance.</p>.<p>These problems have been amplified by US sanctions aimed at starving Maduro's regime of a major source of funds in a bid to force him from power.</p>
<p>Crisis-wracked Venezuela's yearly inflation rate rose to over 4,000 per cent in July, the opposition-controlled parliament said on Wednesday.</p>.<p>Inflation over the last 12 months dipped to 3,500 per cent in June from almost 3,700 per cent the previous month, but it is back on the increase.</p>.<p>The National Assembly has been releasing inflation figures since 2017 due to a lack of data from the government of President Nicolas Maduro.</p>.<p>July's inflation was 55 per cent, up from the 19.5 per cent in June, opposition legislator Alfonso Marquina said.</p>.<p>Venezuela is in the midst of the worst economic crisis in its history after seven years of recession.</p>.<p>The bolivar has "lost its exchange function" due to depreciation, Marquina said, adding that the US dollar has replaced it as Venezuela's common currency.</p>.<p>At the end of April, the government increased the minimum wage by 78 per cent but it's still worth only $2.80 a month when a kilogram of meat costs $4.00.</p>.<p>Marquina said the average four-person family needs $213 a month to survive.</p>.<p>According to a survey by three top universities, four out of five Venezuelans cannot afford the basic necessities to live.</p>.<p>In 2019 the Central Bank said Venezuela finished the year with inflation of 9,500 per cent, significantly higher than parliament's figure of 7,400 per cent.</p>.<p><strong>READ: <a href="https://www.deccanherald.com/international/us-turns-screws-on-maritime-industry-to-cut-off-venezuelas-oil-860566.html" target="_blank">US turns screws on maritime industry to cut off Venezuela's oil</a></strong></p>.<p>Meanwhile, the Organization of Petroleum Exporting Countries said Venezuela's production remained at levels not seen since 1934.</p>.<p>Figures sent by the government to OPEC showed production at 393,000 barrels a day, practically identical to June's data.</p>.<p>That's barely more than 10 pe rcent of the 3.7 million bpd Venezuela was producing at its peak in 1970.</p>.<p>Other figures provided to OPEC based on market data shows Venezuela's production at just 339,000 bpd, compared to 356,000 in June.</p>.<p>Just 12 years ago, Venezuela's state oil company PDVSA was producing 3.2 million bpd.</p>.<p>Experts blame the production drop on government mismanagement, corruption and a failure over many years to invest in infrastructure upgrades and maintenance.</p>.<p>These problems have been amplified by US sanctions aimed at starving Maduro's regime of a major source of funds in a bid to force him from power.</p>