In 2018, the annual inflation rate reached 929,790% and was expected to reach 10,000,000% by the end of 2019. Since 2016, the overall inflation rate has increased to 53,798,500%. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. [172] On the same month, Maduro announced that Venezuela would issue 100 million tokens of the petro,[173] which would put the value of the entire issuance at just over $6 billion. [29][3][30] By 2016, the media reported that Venezuela was suffering an economic collapse. The national index has a base of 100 as of December 2007. [75][failed verification], The minimum wage in Venezuela dropped significantly in dollar terms during Maduro's presidency. He has said he is fighting an "economic war", referring to newly enacted economic measures as "economic offensives" against political opponents, who, according to Maduro and his loyalists, are behind an international economic conspiracy. This page provides - Venezuela Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. This effect explains how inflation erodes the value of a bolivar over time. [139], Unemployment has been increasing in the years of hyperinflation with the 2019 rate seen as Venezuela's highest since the end of the Bosnian War in 1995 and the biggest contraction since 2014 start of Libyan Civil War, according to the International Monetary Fund (IMF). "We are losing lives, including the lives of children, every day. Between September 2017 and August 2018, according to the informal exchange rate, the bolívar fuerte was the least-valued circulating currency in the world. [198][199], According to DolarToday, the estimated exchange rate was 2700 Bs.S per USD in Venezuela's free market as of 21 January 2019[update]. In addition, President Maduro also announced the resumption of food vouchers worth 25,000 Bs.S ($4.80). Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Inflation rate is projected to jump 10 million percent by 2019, based on estimates from the International Monetary Fund. [41] This forecast was criticized by economist Steve Hanke, who claimed that the IMF had released a "bogus forecast" because "no one has ever been able to accurately forecast the course or the duration of an episode of hyperinflation. See the '60 Minutes' interview that Trump cut short, This fourth-grader doesn't have WiFi at home. Corporate solution including all features. In many cases, they[clarification needed] made more money than salaried workers in Venezuela, despite earning just a few dollars per day. In comparison, in Latin America, Argentina has an inflation rate of 43.7%. Venezuela inflation rate for 2016 was 254.95%, a 133.21% increase from 2015. Factset: FactSet Research Systems Inc.2018. Quick Analysis with our professional Research Service: Content Marketing & Information Design for your projects: According to the source, due to the high level of uncertainty in current global economic conditions, the IMF projections for these indicators are provided only through 2021. Díaz also echoed this problem. But that has not stopped the IMF from offering inflation forecasts for Venezuela that have proven to be wildly inaccurate". [35], The inflation rate reached 4,000% in 2017. [36] During the Christmas season in 2017, some shops no longer used price tags; since prices inflated so quickly, customers were required to ask staff how much each item was. [167], In December 2017, President Maduro announced that Venezuela will introduce a state cryptocurrency called the 'Petro' in an attempt to shore up its struggling economy. "There are different ways to accomplish ERBS. [20], While some claim that neoliberalism was the cause of Venezuelan economic difficulties, an over-reliance on oil prices and a fractured political system have been identified to have caused many of the problems. [158] On 7 December 2016, a new series of notes (recolors of previous notes) in denominations of 500, 1,000, 2,000, 5,000, 10,000, and 20,000 Bs.F were unveiled to the public. Venezuela inflation rate for 2013 was 40.64%, a 19.57% increase from 2012. [205] The survey also found that almost all sales of electrical appliances are dollarized, as well as half of the sales of clothes, spare car parts and food. The then-Hugo Chávez administration declared in 2003 that the government should have control over foreign exchange following a strike from state-run oil company Petróleos de Venezuela workers earlier that year, which greatly affected the country's GDP. [96] In the 2015 Venezuelan government budget, the government designated 1.8 billion Bs.F for the promotion of the supposed achievements of the Maduro administration, which was more than the 1.3 billion Bs.F designated by the Ministry of Popular Power for Interior, Justice and Peace for public safety of the most populous Venezuelan municipality, Libertador Bolívarian Municipality. The 1980 inflation rate was 21.40%.