Inflation rate in Venezuela 2024

Venezuela: Inflation rate from 1984 to 2024 (compared to the previous year)

by H. Plecher, last edited Sep 11, 2019
Inflation rate in Venezuela 2024 Due to Venezuela currently battling hyperinflation, the average inflation rate in Venezuela amounted to about 493.6 percent in 2017 compared to the previous year. After that year, there are only estimates to pinpoint inflation in the country, as Venezuela’s economy is collapsing.
What is hyperinflation?

In short, hyperinflation is a very high inflation rate that accelerates quickly. It can be caused by a government printing huge amounts of new money to pay for its expenses. The subsequent rapid increase of prices causes the country’s currency to lose value and shortages in goods to occur. People then typically start hoarding goods, which become even more scarce and expensive, money becomes worthless, financial institutions go bankrupt, and eventually, the country’s economy collapses.

The Venezuelan descent into hyperinflation

In Venezuela, the economic catastrophe began with government price controls and plummeting oil prices, which caused state-run oil companies to go bankrupt. The government then starting printing new money to cope, thus prices rose rapidly, unemployment increased, and GDP collapsed. Today, many Venezuelans are emigrating to find work and supplies elsewhere, and population growth is at a decade-low. Current president Nicolás Maduro does not seem inclined to steer away from his course of price controls and economic mismanagement, so the standard of living in the country is not expected to improve significantly anytime soon.
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Venezuela: Inflation rate from 1984 to 2024 (compared to the previous year)

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