Venezuelan President Nicolás Maduro announced a 48% inflation rate for 2024, marking the lowest annual inflation in the country in 12 years. Speaking to lawmakers in an address to the National Assembly on Wednesday, Maduro reflected on the significant reduction from 189.8% in 2023, attributing the improvement to government measures aimed at controlling the country’s economic crisis.
The announcement came just days after Maduro’s inauguration for a third term, despite a prolonged election dispute and international criticism. His administration has employed a mix of traditional economic policies to mitigate inflation, which had surged into triple-digit figures in recent years. Maduro also revealed that Venezuela's economy experienced a 9% growth in 2024, signaling some recovery amidst ongoing challenges.
Since Maduro assumed office over 12 years ago, Venezuela has faced a severe economic and social crisis, resulting in widespread poverty and mass migration.
