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3,608.8% per year
- Consumer prices in Venezuela grew at an astounding average rate of 3,608.8% per year during the 40 years from 1980 until 2020. That meant that a product that cost 100 bolivar digitals in 1980 cost 104,800 trillion bolivar digitals by the start of 2021.
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Hyperinflation in Venezuela was the currency instability in Venezuela that began in 2016 during the country's ongoing socioeconomic and political crisis. [3] Venezuela began experiencing continuous and uninterrupted inflation in 1983, with double-digit annual inflation rates.
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Highest monthly inflation rate: 4.19 x 1016%Equivalent daily inflation rate: 207%Time required for prices to double: 15 hoursCurrency: PengőHighest monthly inflation rate: 7.96 x 1010%Equivalent daily inflation rate: 98%Time required for prices to double: 24.7 hoursCurrency: Zimbabwean DollarHighest monthly inflation rate: 313,000,000%Equivalent daily inflation rate: 64.6%Time required for prices to double: 1.41 daysCurrency: DinarHyperinflation has terrible consequences for a nation’s economy, its government, and its people. It is often a manifestation of crises that are already present, and it reveals the true nature of money. Rather than being just an economic object used as a medium of exchange, a store of value, and a unit of account, money is a symbol of underlying soc...
INFLATION BY THE DECADES: 1980S. KEY FINDINGS. In the 1980s, inflation was a major issue primarily among developing countries, particularly in Latin America, Middle East, and Africa. The 1980s...
The inflation rate for consumer prices in Venezuela moved over the past 40 years between 6.3% and 130,060.2%. For 2020, an inflation rate of 2,959.8% was calculated. During the observation period from 1980 to 2020, the average inflation rate was 3,608.8% per year.
Feb 5, 2019 · Venezuela’s hyperinflation has been caused by an inept public policy of printing more money and private individuals making the most of differences between official and unofficial exchange rates.
- Michelle Carmody
Jan 3, 2020 · Starting in July 2015, annualized inflation exceeded 100% and in October 2017 surpassed the rate of 50% per month, which, using the Cagan (1956) definition, is hyperinflation. By the end of 2017, the annual inflation rate was 2585% (for more details, see Restuccia 2018).
Jan 18, 2018 · The figure below shows the rapid increase in the annual inflation rate in Venezuela since 1980 and includes the IMF’s projections through 2022. Both political and economic reasons are causes of rapid acceleration of inflation in Venezuela:
