Slashing hyperinflation; one of Maduro's biggest achievements
2 Min Read
Calculations using statistics from the central bank show that as of May, annual inflation had dropped from a peak of 130,000% six years ago to 60%.
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An election campaign sign for Venezuelan President Nicolas Maduro reads in Spanish "Vote for peace and stability" by residential buildings in Caracas, Venezuela, Tuesday, July 23, 2024. (AP)
It seems that Venezuelan President Nicolas Maduro's greatest achievement to date has been crushing hyperinflation.
According to Bloomberg, the days when Venezuelans had to carry large amounts of cash through hazardous streets and when prices surged drastically are now in the past.
Calculations using statistics from the central bank show that as of May, annual inflation had dropped from a peak of 130,000% six years ago to 60%.
Back in February, Maduro acknowledged that Venezuela's inflation rate, while high, is no longer the highest in Latin America, surpassed by the 200% in Argentina.
Bloomberg's own inflation measure has decreased from a peak of 200,000% in 2018 to about 27% currently.
This report comes mere days before Venezuela's presidential elections on July 28.
Read more: Venezuela increasingly becoming immune to US sanctions
Last week, the Center for Measurement and Interpretation of Statistical Data (CEMIDE 50.1) published results from an electoral preferences poll conducted ahead of the Venezuelan presidential elections on July 28.
According to Giovanni Nani Lozada, Arturo Michelena University's rector, the possibility that Maduro will win 53% of the vote is "very high".
Lozada explained that "the possibility of vote polarization is minimal, according to field studies conducted using artificial intelligence, which helps eliminate the biases observed in other studies," adding that usually, local opinion studies do not account for the numerous factors that influence the electoral decision.
Latest polls suggest that Maduro is likely to secure a third term in office, Al Mayadeen's correspondent in Venezuela reported on Monday, as the Latin American country braces for the elections in four days.
Ten candidates are running for the election, with the competition limited mostly to Maduro and the opposition's Edmundo Gonzalez Urrutia – a former ambassador who has never held public office.
On Sunday, the incumbent Venezuelan President predicted that his country's economy will grow by more than 8% this year, announcing steps toward boosting Venezuela's economy further.
