- Venezuela experienced one of the world’s highest inflation rates in the previous year at 234%, but saw a decrease in December to 2.4%.
- The economic turbulence has led millions of people to seek better opportunities elsewhere.
- Argentina now surpasses Venezuela’s inflation rate, registering over 200% last year.
The preceding year witnessed Venezuela’s inflation rate peaking at a substantial 234%, making it one of the nations with the highest inflation globally. However, The Central Bank reported a tapering in Venezuela’s monthly inflation rate in December, bringing it down to merely 2.4%.
Economic Crisis in Venezuela & Beyond
Suffering from a protracted economic downfall characterized by triple-digit inflation, Venezuela has seen a massive outflow of emigrants in search of more favorable conditions. However, it no longer holds the dubious distinction of having the highest inflation in Latin America, as Argentina’s inflation surged beyond 200% in the past year.
This economic tumult in the region could potentially impact Forex trading, particularly concerning the Venezuelan bolivar and Argentine peso, as investors may adjust in response to these inflation rates.