According to estimates by the Venezuelan Financial Observatory, annualized inflation would have been 305.7% in December. Clothing and footwear prices reportedly increased by 57.8% month-on-month.
Turkey
Slowed but still very high inflation in Turkey. According to the National Statistics Institute, the consumer price index rose by 64.27% in December compared to 84.39% in November.
However, according to the Inflation Research Group, composed of academics and independent experts, the true inflation rate for December would be much higher, at 137.55%.
According to official data, inflation hit a 24-year high of 85.5% last October, largely due to the unorthodox monetary policy of President Recep Tayyip Erdogan, who was convinced inflation would end with low interest rates . Contrary to central banks around the world raising the cost of money to dampen prices, Turkey’s central bank has cut interest rates by 5 percentage points to as low as 9% over the past year.
Zimbabwe
Zimbabwe’s annual inflation rate remains at “excellent” levels, but is showing signs of slowing, falling to 243.8% in December 2022 from 255% in the previous month, thanks to government intervention to curb persistent price increases and exchange rate volatility. Since September 2022, when it was 285%, inflation has fallen following tightening monetary and fiscal policies to stabilize the economy.