Venezuela Inflation Rate Falls to 12-Year Low of 48% in 2024, President Maduro Announces
Venezuelan President Nicolas Maduro reported to lawmakers and officials on Wednesday that the country’s annual inflation rate has fallen to 48% in 2024, the lowest in 12 years. The announcement comes just days after Maduro was sworn in for his third term, despite international calls for him to step aside.
Maduro’s administration has employed orthodox methods to combat high inflation, which has reached triple digits in recent years. The country’s central bank reported an inflation rate of 189.8% in 2023, a significant reduction from the current rate of 48%. Additionally, the government claimed that the economy grew 9% last year.
The inflation rate has been a major challenge for the country, with many economists and international organizations warning of its devastating impact on the country’s economy and citizens. However, the recent drop in inflation rate suggests that the government’s efforts may be yielding some positive results. Nevertheless, the country still faces significant economic and social challenges, including mass migration.