In 2018, the price increase in the republic was 130,000%, in 2020 – 2,959.8%, and in 2021 – 686.4%.
By the end of 2022, inflation in Venezuela will reach 234%. This was said on January 23 by the Vice-President of the Republic Delcy Rodriguez in a meeting with Turkish and Venezuelan business leaders, Reuters reported.
It is noted that since November, the Central Bank of Venezuela has not published statistics on inflation, the latest official information related to October, when prices increased by 6.2%.
“For months, socialist President Nicolas Maduro and his government have been able to contain consumer price inflation with tough economic policies, including fixing the exchange rate, limiting spending of the government and raising taxes. But since November, cracks have appeared in this strategy,” Reuters wrote.
Now, according to the agency, prices in the country are rising rapidly as the bolivar depreciates against the US dollar.
“In 2018, the inflation rate was 130,000%, and we end 2022 with 234%. For us, this is a major factor in the social agenda, because we know how price increases directly affect people’s lives ,” EFE quoted Rodriguez as saying..
It will be remembered that in recent years, Venezuela is experiencing a socio-economic crisis, accompanied by high inflation, devaluation of the national currency and a lack of essential goods.
In 2021, price growth reached more than 686%.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.