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Venezuela's monthly inflation rate reached 56.7% in November and has touched 1,370% so far this year, according to opposition lawmaker ?ngel Alvarado, member of the Finance and Economic Development' Permanent Parliamentary Committee.

At a press conference in which he released his data, Alvarado noted that "it is a record figure, for it is the highest inflation rate in the history of Venezuela and in the world at this moment."

He added that the current hyper-inflationary process should result in greater impoverishment of the Venezuelan people, difficulties in acquiring food, confusion of consumers with the daily increase of products and the search for alternative means to perform financial transactions.

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