Inflation Rate in Venezuela decreased to 686.40 percent in December from 1197.50 percent in November of 2021. source: Banco Central De Venezuela

Inflation Rate in Venezuela averaged 3753.04 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 - data, historical chart, forecasts and calendar of releases - was last updated on January of 2022.

Inflation Rate in Venezuela is expected to be 980.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Venezuela Inflation Rate is projected to trend around 150.00 percent in 2023, according to our econometric models.

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Venezuela Inflation Rate

Calendar GMT Actual Previous Consensus TEForecast
2013-10-10 10:00 PM Sep 2013 49.4% 45.5% 46.2% 47.59%
2013-11-07 08:05 PM Oct 2013 46.85% 49.4% 48.65%

Related Last Previous Unit Reference
Inflation Rate 686.40 1197.50 percent Dec/21
Inflation Rate Mom 7.60 8.40 percent Dec/21
Consumer Price Index CPI 2577508.25 2396255.48 million points Dec/21
Core Inflation Rate 60.30 60.90 percent Dec/13
Core Consumer Prices 594.30 582.30 points Dec/13
Food Inflation 1037.40 1298.00 percent Nov/21
CPI Transportation 3036274389.12 2710136555.97 thousand points Dec/21

News Stream
Venezuela March Inflation Rate Hits Over 1-Year High
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.
Venezuela Inflation Rate Slows Slightly
The annual inflation rate in Venezuela eased to 2665% in January of 2021 from 2960% in December, according to the Central Bank but still remained elevated amid the continued depreciation of the bolivar due to the pandemic and subdued oil production. After reaching 350000% in 2019, inflation eased in 2020 in part due to the gradual dollarization of the economy. The government relaxed almost two decades of stringent economic regulation last year, abandoning enforcement of price controls and allowing dollar transactions. Also, the circulation of the domestic currency was sharply curtailed, which helped limit prices but left many people struggling to obtain bolivars. In early January 2021, Maduro announced the expansion of the use of foreign currency bank accounts for everyday transactions, hoping that this would help to ease spending pressures. On a monthly basis, consumer prices rose 46.6%, after jumping 77.5% in December, the biggest rise in almost two years.

Venezuela Inflation Rate
In Venezuela, the main components of the consumer price index are: Food and Noon-Alcoholic Beverages (32.2 percent of the total weight); Transports (10.8 percent) and House Rental (9.8 percent). Restaurants and Hotels account for 8.8 percent; Clothing and Footwear for 7.2 percent; Miscellaneous Goods and Services for 5.8 percent and Household Equipment for 5.6 percent. Others include: Health Care (4.3 percent); Communications (3.8 percent); Leisure and Culture (3.6 percent); Alcoholic Beverages and Tobacco (3 percent); Education (2.7 percent) and Household Services (2.3 percent). The national index has a base of 100 as of December 2007. The CPI covers 10 metropolitan areas, plus 74 other localities in the rest of the country.