Venezuela's Inflation During the Nicolas Maduro Era Once Reached 65,000%

Nicolás Maduro was inaugurated as President of Venezuela on April 19, 2013. He succeeded President Hugo Chávez.

During Maduro's term, Venezuela's inflation rate was recorded as high, even reaching hyperinflation, or over 50%.

According to data from the International Monetary Fund (IMF), the annual inflation rate in 2013 was recorded at 40.6% compared to the previous year.

A record surge in inflation occurred in 2018, reaching 65,370%. This became the highest figure in Venezuela's history.

According to the Federal Reserve Bank of St. Louis website, both political and economic factors contributed to the rapid acceleration of inflation in Venezuela.

From a political perspective, shortages of food, medicine, electricity, and other basic necessities triggered unrest and political instability.

From an economic perspective, the decline in oil prices significantly reduced Venezuela's revenue from oil exports.

As a result, the market deemed Venezuela's currency worthless, creating difficulties for the Venezuelan government in paying its foreign debt.

"This condition then rapidly pushed inflation higher and triggered a hyperinflationary spiral," wrote the institution's economic researchers, Ana Maria Santacreu and Heting Zhu.

A year later, the inflation rate did decrease significantly, but it was still categorized as hyperinflation, at 19,910%.

In 2024, the IMF estimates Venezuela's inflation rate to be relatively low at 49%. However, the projection for 2025 is expected to surge again to 269.9%.

Recently, the United States (US) military arrested Venezuelan President Nicolás Maduro and his wife, Cilia Flores, in an operation on Saturday, January 3, 2026, in the early hours of the morning.

Both were arrested and escorted aboard the US warship USS Iwo Jima. Maduro will be prosecuted on charges from the US Department of Justice accusing him of involvement in narco-terrorism in 2020.

Speaking to reporters, US President Donald Trump stated that he would temporarily lead Venezuela and would utilize the Latin American nation's oil reserves. This oil would also be offered to other countries.

"We will run this country until such time as a safe, proper, and prudent transition can be made," Trump said at a press conference after Maduro's arrest, in Mar-a-Lago, as quoted by Katadata.co.id from Associated Press, Sunday (January 4, 2026).