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Venezuela – Inflation dropped to 234 percent in 2022

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Inflation in Venezuela was 234 percent in 2022, Vice President Delcy Rodriguez said. This marks a decline from the previous year as the South American country faces a deep and prolonged economic crisis, Reuters reported.

Rodriguez offered her foot inflation during a meeting with Turkish and Venezuelan business leaders. central bank Venezuela rarely publishes economic data – it has not released inflation data since October, Reuters reported.


Inflation in Venezuela

President Nicolas Maduro and his government were able to reduce the level of inflation – rising consumer prices – through rigid economic policies, including anchoring the exchange rate, cutting public spending and increasing taxes, Reuters pointed out.

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Protests in VenezuelaLEONARDO FERNANDEZ VILORIA / Reuters / Forum

He added that since November the strategy has been less effective, prices have been rising faster and the country’s bolivar currency has been depreciating against the US dollar.

Government spending has also accelerated, with demand for dollars surpassing central bank foreign exchange reserves.

A group of economists said earlier this month that Venezuela is at risk of re-entering a period of hyperinflation.

According to the country’s central bank, inflation in 2021 was over 686 percent. Reuters reported.

Main photo source: LEONARDO FERNANDEZ VILORIA / Reuters / Forum

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