Venezuela, which often experiences record inflation, closed 2023 with an increase in bolivar prices of 189.8 percent, a slowdown compared to the previous year’s 234 percent, according to the Central Bank.
Venezuela, whose economy is almost completely dollarized after years of recession and hyperinflation which hit 686 percent in 2021 is struggling with one of the worst inflation crises in the world.
Shaken by a serious economic meltdown, the country saw its GDP contract by 80 percent between 2013 and 2021.
That figure from the Central Bank is similar to estimates from private organizations, such as the Venezuelan Financial Observatory (OVF) which predicted inflation of 193 percent in its bolivar currency.—AFP
