CARACAS, Venezuela (AP) — Venezuela’s central bank has acknowledged what anyone watching the prices on the shelves already knew: The South American country’s inflation rate is continuing its upward march.

After withholding monthly inflation data through the summer, the central bank said Tuesday that inflation over the past 12 months has reached 63.4 percent. That means something that cost $1 a year ago would cost about $1.63 today. It’s believed to be the world’s fiercest inflation.