Even when expressed in foreign currency , prices in Venezuela have been continuously rising.
Prices expressed in dollars have increased by almost 54% in 2022, according to data gathered by market research company Ecoanalitica, which has an impact on Venezuelans’ income and savings because they have been using the dollar as a hedge against inflation.
Venezuela’s inflation has accelerated further, pushing up the cost of goods and services even when they are expressed in US dollars.
According to Asdrubal Oliveros, an economist and partner at Ecoanalitica, a market research company, dollar-denominated prices increased by about 54% in 2022 as a result of the nation’s ongoing inflation.
Food and drink prices were among the most significantly affected, rising by 66.7%.
Prices expressed in the nation’s fiat currency had even higher inflation rates, with food and drink costs increasing by 150% during the same time period.
Although the majority of shops still take bolivars as payment, prices have been marked in dollars for some time now to make managing inventories and prices easier.
Many Venezuelans, like Argentines, have sought safety in foreign currency and dollar-pegged stablecoins as a hedge against inflation, but this price surge, which has been referred to as “inflation in dollars,” is now harming their savings.