The annual inflation rate in Venezuela fell to 2296.6 percent in May 2020 from 2311.8 percent in the previous month, according to the Central Bank. The government announced new price controls on food products on April 24th, the first time in two years, as the coronavirus outbreak and an acute gasoline shortage cause inflation to accelerate. The government relaxed almost two decades of stringent economic regulation last year, abandoning enforcement of price controls and allowing dollar transactions. Also, the government has sharply curtailed circulation of the domestic currency, which helped limit prices but left many people struggling to obtain bolivars. On a monthly basis, consumer prices rose 38.6 percent in May, after a 24.5 percent gain in the prior month.
Inflation Rate in Venezuela averaged 3742.55 percent from 1973 until 2019, 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 July of 2020. source: Banco Central De Venezuela
Inflation Rate in Venezuela is expected to be 32000.00 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 45000.00 in 12 months time. In the long-term, the Venezuela Inflation Rate is projected to trend around 49000.00 percent in 2021 and 53000.00 percent in 2022, according to our econometric models.