The annual inflation rate in Venezuela climbed to 3012% in March of 2021 from 2937% in February, according to the country's Central Bank. It was the highest inflation rate since January of 2020 amid the continued depreciation of the bolivar due to the Covid-19 pandemic and still subdued oil production. Venezuela’s cash shortages and hyperinflation have led to informal dollarization in the oil-reliant economy in recent years, a change embraced by President Maduro as an “escape valve” to US sanctions aimed at ousting him, but without abandoning completely the bolivar. In March, main upward pressure came from costs of health (4369% vs 4077% in February), as the Covid-19 situation deteriorated; food & non-alcoholic beverages (2795% vs 2783%); miscellaneous goods & services (3639% vs 3445%); transport (3359% vs 3309%) and communication (3556% vs 3497%). On a monthly basis, consumer prices increased 16.1%, the least since March of 2020. source: Banco Central De Venezuela
Inflation Rate in Venezuela averaged 3779.67 percent from 1973 until 2021, reaching an all time high of 344509.50 percent in February of 2019 and a record low of 3.22 percent in February of 1973. This page provides - Venezuela Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Venezuela Inflation Rate - values, historical data and charts - was last updated on May of 2021.
Inflation Rate in Venezuela is expected to be 2800.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Venezuela to stand at 980.00 in 12 months time. In the long-term, the Venezuela Inflation Rate is projected to trend around 750.00 percent in 2022 and 150.00 percent in 2023, according to our econometric models.