Hyperinflation in Venezuela is the currency instability in Venezuela that began in 2016 during the country's ongoing socioeconomic and political crisis. Venezuela began experiencing continuous and uninterrupted inflation in 1983, with double-digit annual inflation rates. Inflation rates became the highest in the world by 2014 under Nicolás Maduro, and continued to increase in the following years, with inflation exceeding 1,000,000% by 2018. In comparison to previous hyperinflationary episodes, the ongoing hyperinflation crisis is more severe than those of Argentina, Bolivia, Brazil, Nicaragua, and Peru in the 1980s and 1990s, and that of Zimbabwe in the late-2000s. In 2014, the annual inflation rate reached 69%, the highest in the world. In 2015, the inflation rate was 181%, again the highest in the world and the highest in the country's history at the time. The rate reached 800% in 2016, over 4,000% in 2017, and about 1,700,000% in 2018, and reaching 2,000,000%, with Venezuela spiraling into hyperinflation. While the Venezuelan government "had essentially stopped" producing official inflation estimates as of early 2018, inflation economist Steve Hanke estimated the rate at that time to be 5,220%. The Central Bank of Venezuela (BCV) officially estimates that the inflation rate increased to 53,798,500% between 2016 and April 2019. In April 2019, the International Monetary Fund estimated that inflation would reach 10,000,000% by the end of 2019. Several economic controls were lifted by Maduro administration in 2019, which helped to partially tame inflation until May 2020. In December 2021, economists and the Central Bank of Venezuela announced that Venezuela would reach in the first quarter of 2022 more than 12 months with monthly inflation below 50% after more than four years of a hyperinflationary cycle, which would technically indicate its exit from hyperinflation, but its consequences remain. Background Pérez and Caldera administrations When world oil prices collapsed in the 1980s, the economy contracted, and inflation levels (consumer price inflation) rose, remaining between 6 and 12% from 1982 to 1986. In 1989, the inflation rate peaked at 84%. The same year, following a cut in government spending and the opening of markets by President Carlos Andrés Pérez, the capital city of Caracas suffered from looting and rioting. After Pérez initiated liberal economic policies and made Venezuelan markets more free, Venezuela's GDP increased from a −8.3% decline in 1989 to 4.4% in 1990 and 9.2% in 1991, though wages remained low and unemployment remained high among Venezuelans. While