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. source: Banco Central De Venezuela

Inflation Rate in Venezuela averaged 3782.46 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 March of 2021.

Inflation Rate in Venezuela is expected to be 1700.00 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 2500.00 in 12 months time. In the long-term, the Venezuela Inflation Rate is projected to trend around 1000.00 percent in 2022, according to our econometric models.

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Venezuela Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
2665.40 2959.80 344509.50 3.22 1973 - 2021 percent Monthly

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.