CARACAS (Reuters) – Inflation in Venezuela was 48% a year in 2024, the lowest in 12 years, Venezuelan President Nicolas Maduro told lawmakers on Wednesday in an annual address to the national assembly and other officials, just days after he was inaugurated for a third term.
Maduro, whose nearly 12 years in power have been marked by deep economic and social crisis and mass migration, was sworn in for a third term on Friday, despite a six-month election dispute and international calls for him to step down.
The government has used orthodox methods to try to reduce inflation, which has reached triple digits in recent years, with some success. Inflation in 2023 amounted to 189.8 percent, according to the central bank. Maduro said this month that the economy grew 9 percent last year.
