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The following table provides information on consumer price indices (CPI) with base year 2010 and, in addition, annual growth rate indicator, based on data published by World Bank. [4] [5] After 2016, World Bank excluded Venezuela from the calculation of regional and world aggregations due to its exceptionally high rate of inflation.
Hyperinflation in Venezuela was the currency instability in Venezuela that began in 2016 during the country's ongoing socioeconomic and political crisis. [3] Venezuela began experiencing continuous and uninterrupted inflation in 1983, with double-digit annual inflation rates.
The sharp drop between 2014 and 2016 in the price of oil, sparked fears of a risk of hyperinflation. In 2015, Venezuela reached the highest inflation rate in the last 35 years, and in March 2016 there was hyperinflation for the first time in recorded history. In October 2016, the economy continued to contract while inflation increased again.
To create this list of historical inflation rates, GOBankingRates used consumer price index data provided by the Federal Reserve Bank of Minneapolis and the U.S. Bureau of ... 2016: 1.3%. 2017: 2.1%.
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By 2014, Venezuela had entered an economic recession [80] and by 2016, the country had an inflation rate of 800%, the highest in its history. [81] [82] The crisis intensified under the Maduro government, growing more severe as a result of low oil prices in early 2015, [8] and a drop in Venezuela's oil production from lack of maintenance and ...
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Wage growth has since slowed, but the inflation rate has fallen faster, allowing income gains to keep up with rising prices from early 2023 through today. Find Out: The 50 Happiest States in ...