inflation in Venezuela it exceeded 300% in 2022, according to estimates released this Thursday by private organizations, referring to the lack of official figures.
The NGO Center for the Diffusion of Economic Knowledge (Cedice) estimated accumulated inflation of 310.33% last year, with the food sector as one of the most affected, with price increases that reached 332.43%.
Cedice also reported a 27.01% increase in the cost of living in dollars over the past year, due to the fact that inflation has been greater than the depreciation of the hard-hit local currency, the bolivar, with respect to the US currency.
The dollar has dominated the Venezuelan streets since 2019, after the government of socialist President Nicolás Maduro relaxed an exchange control that prohibited its free circulation for 15 years.
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The Venezuelan Finance Observatory (OVF), an analysis center linked to the opposition, also announced its cumulative inflation estimate for 2022, placing it at 305.7%.
After a long hyperinflationary cycle, in the midst of an acute crisis in which its economy lost 80% of its size between 2014 and 2021, the Caribbean country has experienced a slowdown in the rate of price increases.
However, it continues to suffer from one of the highest inflation rates in the world.
The Central Bank (BCV) reported that inflation for 2021 was 686.4%. The BCV, in its last official report, calculated accumulated inflation in 2022 between January and October at 119.4%, and estimated the interannual rate between October 2021 and October 2022 at 155.8%.
Source: AFP
Source: Gestion
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