This file photo taken on March 5, 2017 shows Venezuelan President Nicolas Maduro speaking during the Bolivarian Alliance for the Peoples of Our America (ALBA) summit at the Miraflores presidential palace in Caracas. / AFP / FEDERICO PARRA
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Venezuela's monthly inflation rate jumped to 33.8 percent in August, with food price rises reaching hyper-inflationary levels above 50 percent, the opposition-controlled National Assembly said on Thursday.The latest month-on-month inflation figure was a jump from the 26 percent rise in prices reported in July.In the first eight months of 2017, prices rose a cumulative 366.4 percent, according to the legislative body.Economists usually define hyperinflation as occurring when monthly rates exceed 50 percent.It has lost 95 percent of its value against the U.S. currency in the past year.
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