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Venezuela has high inflation due to a combination of factors, including government policies, economic mismanagement, and external pressures. The country has experienced a significant decline in its oil revenues, which has led to a shortage of foreign currency and a reduced ability to import goods. This, in turn, has caused a rise in prices for basic goods and services. Additionally, the government has increased its spending, printing more money to finance its budget deficits. This has resulted in an excess supply of currency, which has further devalued the national currency and contributed to inflation. Political instability and corruption have also played a role in exacerbating the country’s economic woes. All of these factors have led to hyperinflation, with the inflation rate reaching over 10,000% in 2019.
The effects of inflation are often not directly felt but are played out over a long time, especially long-term investments are vulnerable to inflation.
At Horizon65, we created a mobile app that enabled you to check the effect of inflation on your savings.