Prices in dollars in Venezuela rose by almost 54 % in 2022 - emerging markets

The prices in Venezuela have increased steadily, even if they are on foreign currencies. According to data collected by Ecoanalitica, a market research company, the prices shown in dollars in 2022 have increased by almost 54 %, which affects the income and savings of the Venezolans who used the US dollar as inflation protection.

in Venezuela the prices even rise in dollars

Inflation has increased in Venezuela, whereby the prices of products and services are increased even when they are on dollars. Asdrubal Oliveros, economist and partner at Ecoanalitica, a market research company, specified that the prices, which are at dollars, rose by almost 54 % in 2022, which was influenced by inflation that the country currently affects.

The most affected articles include food and drinks that recorded a price increase of 66.7 %. Likewise, the prices in the restaurant and accommodation sector, which is connected to national and international tourism, rose by 95 %, whereby this sector recorded the strongest jump.

For prices that are given in the national Fiat currency, the number of inflation in the prices for food and drinks are even worse ascending in the same period around 150 %.

The country recently came out of a phase of hyperinflation, which began in 2017 and ended in January 2022 when the country Inflation rates of less than 50 %.

While most shops still accept Bolivar, the local currency, as a means of payment, the prices have been given in dollars for some time to simplify the management of stocks and prices. Dollar payments have been declined since the government and in March a tax for his use was carried out in March one but the US dollar is still often used as an invoice unit.

This increase in price, which is popularly referred to as "inflation in dollars", now affects the savings of many Venezuelans who, like the Argentine, have searched for protection against inflation in foreign currencies and the dollar stable coins. The Bolivar confronted A downward spiral in the last two months of 2022, which crashes to historical levastations and tightens the demand for other, more stable currencies.

The company assumes that this trend will continue, also at the prices rising in 2023. However, this could change, depending on the openness of the venezolan government for the introduction of an official dollarization process.

What do you think of an increase in the prices of the prices in Venezuela in 2022 by more than 50 %? Tell us in the comment area below.

Sergio Göschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price increase took place in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. It offers a different perspective on the crypto success and how it helps those who have no bank account and are under-supplied.

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