According to estimates by the Venezuelan Financial Observatory, inflation on an annual basis in December would have been 305.7%. Prices of clothing and footwear reportedly increased by 57.8% compared to the previous month.
Turkey
Slowing down, but still very high, inflation in Turkey. The consumer price index rose 64.27% in December, compared to 84.39% in November, according to the National Statistics Institute.
According to the Inflation Research Group, made up of academics and independent experts, the true inflation rate for December would however be much higher and equal to 137.55%.
Inflation hit a 24-year high of 85.5% last October, according to official data, largely due to President Recep Tayyip Erdogan’s unorthodox monetary policy, convinced that inflation will defeat with low interest rates. Contrary to central banks around the world, which raise the cost of money to curb prices, last year the Turkish central bank cut rates by 5 percentage points, up to 9%.
Zimbabwe
Zimbabwe’s annual inflation rate remains at “stellar” levels but shows the first signs of a slowdown, falling to 243.8% in December 2022 from 255% the previous month, thanks to government interventions to contain the continuous price increases and the volatility of the exchange rate. Since September 2022, when it was 285%, inflation has fallen following the restrictive monetary and fiscal measures implemented to stabilize the economy.