Venezuela's inflation soars to 556% under pressure from Trump

As U.S. President Trump intensifies financial isolation measures against Venezuela, the country's inflation rate has surged dramatically. According to a weekly index compiled by Bloomberg, Venezuela's inflation rate soared to 556% in the 12 months ending December 17, far exceeding the 219% at the end of June and the 45% for the entire year of 2024. Since its launch in 2016, this index has recorded annualized readings of over 100,000% multiple times. Currently, about 90% of private sector employees are paid in U.S. dollars.