Venezuela Sees Lowest Inflation in 12 Years Amid Economic Challenges

Venezuela's inflation dropped to 48% in 2024, marking the lowest rate in 12 years, as reported by President Nicolas Maduro. Despite this achievement, his tenure has been marked by economic hardship and controversy. The government has implemented orthodox policies to control inflation, which was previously much higher.

Venezuela's inflation has fallen to an annual rate of 48% in 2024, described as the lowest in 12 years. The announcement was made by President Nicolas Maduro during his address to the national assembly, just days after his inauguration for a contested third term.

Maduro's nearly 12-year rule has been plagued by severe economic and social troubles, leading to mass migration out of the country. His recent swearing-in was overshadowed by ongoing election disputes and international criticism urging him to relinquish power.

The Venezuelan government has resorted to orthodox fiscal strategies to curb inflation, which soared into triple digits in recent years, peaking at 189.8% in 2023 according to the central bank. Maduro highlighted a 9% economic growth last year, signaling a potential recovery.

(With inputs from agencies.)