Official 2022 inflation in Venezuela: 234 percent news. Last Minute WORLD headlines and events



Highest inflation in Latin America (again) in Venezuela
Venezuela, which officially recorded 234 percent inflation last year, ranked first in Latin America and second in the world in the global inflation league. Although the country recorded a 15 percent growth last year, rising exchange rates and inflation problems are driving down the purchasing power of the population.

Vice President Delsey Rodriguez, in his speech to businessmen from Turkey, said that the inflation rate in 2022 will be 234 percent.
The country that ended the previous year with an inflation rate of 686 percent ended last year with an inflation rate of 234 percent, according to the Central Bank of Venezuela (BCV). Thus, Venezuela ranks first in Latin America among the countries with the highest inflation; Globally, with 339.7%, it was second only to Zimbabwe at number one.

Venezuela, which posted growth of more than 15 percent last year, is the fastest growing economy in Latin America, according to official figures, but the problem of high inflation and low purchasing power in the country remains.

inflation in Venezuela

In November 2017, with monthly inflation above the 50 percent threshold, Venezuela entered a hyperinflationary process and was forced to remove 11 zeros from its currency in order to maintain the value of the bolivar national currency for the next 50 months, ending 2021 with inflation. indicator is 686.4 percent.

“Official inflation does not reflect what is on the street”

Economist Luis Crespo, by contrast, says real inflation is higher, at 305.7, for example, according to the Venezuelan Observatory of Finance (OVF).

Luis Crespo

Speaking to the Turkish Voice of America, Crespo noted that last December inflation topped 37 percent, fueling fears of a return to hyperinflation.

Noting that factors such as inflation, financial imbalances, appreciation of exchange rates, and the applied economic policies are reflected in financial markets and prices, the economist said: “Even though the government avoided practices that could increase government spending (including social benefits) to prevent an appreciation of the exchange rate and inflation, they were not successful.

“Salaries do not even cover the cost of the kitchen”

Antonio Suarez, president of the Federation of Civil Servants, said the mandatory kitchen cost for a family of five in the country is $500 per month, but civil servants’ salaries range from $10 to $50 per month; He says that those who work in the private sector have between $100 and $300 and that employees have trouble seeing the end of the month.

Anthony Suarez

In a statement to the Turkish Voice of America, Suarez said: “We strongly demand that wages be increased to $143 and food aid to $67, which is $210, which is the minimum wage recommended by the UN Economic Commission for Latin America and the Caribbean for countries in the region. While this amount isn’t even enough to cover kitchen expenses, given that the minimum wage is below $10 today, this will be a big deal for employees, at least in the first place. While employee salaries are paid in Bolivar, one of the segments that pay the most for chronic inflation and economic sanctions as the economy is de facto dollarized has been employees.”

During the crisis every fourth person migrated.

In Venezuela, which has a population of about 28 million, President Nicolás Maduro announced that 2,300,000 people have gone hungry in the country in recent weeks, but according to quality-of-life surveys conducted by various universities, the number exceeds 14 million. .

Last year in Venezuela, the Latin American country where income inequality was at its worst, more than 7.1 million people, one in four, left their country because they couldn’t meet their basic needs.

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