Inflation rate in Venezuela 2024

Due to Venezuela currently battling hyperinflation, the average inflation rate in Venezuela amounted to about 438.12 percent in 2017 compared to the previous year. After that year, there are only estimates to pinpoint inflation in the country, as Venezuela’s economy is collapsing.

What is hyperinflation?

In short, hyperinflation is a very high inflation rate that accelerates quickly. It can be caused by a government printing huge amounts of new money to pay for its expenses. The subsequent rapid increase of prices causes the country’s currency to lose value and shortages in goods to occur. People then typically start hoarding goods, which become even more scarce and expensive, money becomes worthless, financial institutions go bankrupt, and eventually, the country’s economy collapses.

The Venezuelan descent into hyperinflation

In Venezuela, the economic catastrophe began with government price controls and plummeting oil prices, which caused state-run oil companies to go bankrupt. The government then starting printing new money to cope, thus prices rose rapidly, unemployment increased, and GDP collapsed. Today, many Venezuelans are emigrating to find work and supplies elsewhere, and population growth is at a decade-low. Current president Nicolás Maduro does not seem inclined to steer away from his course of price controls and economic mismanagement, so the standard of living in the country is not expected to improve significantly anytime soon.

Venezuela: Inflation rate from 1984 to 2024

Inflation rate compared to previous year
2021*500,000%
2020*500,000%
2019*200,000%
201865,374.08%
2017438.12%
2016254.95%
2015121.74%
201462.17%
201340.64%
2012 21.07%
2011 26.09%
2010 28.19%
2009 26.04%
2008 31.44%
2007 18.7%
2006 13.66%
2005 15.96%
2004 21.75%
200331.09%
2002 22.43%
2001 12.53%
2000 16.21%
1999 23.57%
1998 35.78%
1997 50.04%
1996 99.88%
1995 59.92%
1994 60.82%
1993 38.12%
1992 31.42%
1991 34.21%
1990 40.66%
1989 84.46%
1988 29.47%
1987 28.14%
1986 11.54%
1985 11.38%
1984 12.25%
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Source

Release date

October 2019

Region

Venezuela

Survey time period

1984 to 2018

Supplementary notes

* Estimate.

Figures have been rounded.

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Statistics on "Venezuela"

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