Inflation in Venezuela in 2018 exceeded 130 thousand percent

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The first report on inflation in the country, published over 3 years by the Central Bank of Venezuela, showed that in 2018 its level reached 130060%. Since the beginning of 2019, the largest increase in consumer prices – by 196.6 – was recorded in January. In April, prices increased by 33.8%. The latest data published by the Venezuelan regulator before these data indicated annual inflation in 2015 at the level of 180.9%. According to the Central Bank, in the third quarter of last year, Venezuela’s GDP decreased by 22.5% in annual terms. The long economic crisis in Venezuela was aggravated by the imposed sanctions against the country. Against this background, the International Monetary Fund's forecast for 2019 implies a 25% fall in its GDP. In 2020, a further decline is projected – another 10%. According to IMF estimates, inflation in this and next years will be at the level of 10 million percent.

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