CARACAS (Reuters) – Venezuela’s inflation hit percent at 2021, Vice President Delcio Rodriguez said. That’s a sign that Venezuela’s inflation slowed last year, as the South American country struggled with a deep and protracted economic crisis, Sloth said on Monday.
Rodriguez provided inflation rates in talks with Turkish and Venezuelan business leaders. Venezuela’s central bank rarely releases economic data and has not provided inflation data since October.
For months, Socialist President Nicolás Maduro and his government were able to rein in consumer price inflation through strict economic policies, including pegging the exchange rate, limiting public spending and raising taxes.
But sources told Reuters the strategy had cracked since November, with prices rising rapidly as the country’s bolivar currency weakened against the dollar.
Government spending also accelerated, with demand for dollars outpacing central bank reserves.
Economists in Panel A said earlier this month that Venezuela was at risk of re-entering a period of hyperinflation.
2021 has an inflation rate of more than 2021 %, according to the country’s central bank.