Caracas residents react to latest economic data pulling country out of long-term hyperinflation

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Caracas residents commented on the latest annual inflation figures released, which have brought the Venezuelan economy out of the hyperinflation it had been mired in since 2017, on Wednesday.

According to figures from the Central Bank of Venezuela (BCV), month-on-month inflation for December was 7.6 percent, bringing the Venezuelan economy to 12 months with monthly figures below 50 percent; which is technically used as a measure to define when an economy is in hyperinflation.

Footage from downtown Caracas shows shops open as potential customers walk the streets of the city in search of good prices.

“The purchasing power of Venezuelans, including myself as a shoe store employee, was much better (in 2021). What’s missing? Controlling the issue of inflation, the issue of exchange control, the parallel dollar that affects society,” said Ivan Montilla, a shoe store clerk.

Ramon Valles, a Caracas resident, called on the government to “freeze prices, especially food prices. Because food affects the economy.

Venezuela closed 2021 with accumulated inflation of 686.4 percent, while in 2020 the price rise was 2,959.8 percent, according to BCV data.

SOT, Ivan Montilla, Shoe shop assistant (Spanish): “The purchasing power of Venezuelans, including myself as a shoe shop employee, was much better (in 2021). What is missing? Controlling the issue of inflation, the issue of exchange control, the parallel dollar, which affects society. And also, well, the government has to take into account that it has to dollarise people’s salaries so that there is more affluence in everything, because if there is no good salary, obviously people can’t buy.”

SOT, Ramon Martinez, Resident of Caracas (Spanish): “The controversial measures taken by the Central Bank to maintain and stabilise the price of the dollar at 5 bolívares per dollar unit have their flaws. They are measures that can be seen as neoliberal, but inflation is a consequence of the neoliberal model, and it must also be fought with neoliberal measures to be able to accommodate an economy that has been destroyed for reasons such as the (US) blockade”.

SOT, Ramon Valles, Resident of Caracas (Spanish): “I think that the government has to apply one of the correctives, for the specialists in the matter, to freeze prices, especially food prices. Because food has an impact on the economy. It is very different from the high-level economy, the industrial economy, the commercial economy, the main economy is ‘la papa’ (food). So, in colloquial terms.”
#Venezuela #Caracas #Inflation

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