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Venezuela's inflation rate exceeds 600% with nearly 60% of the population supporting the "dollarization" of the economy

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Golden Finance reported that on May 28, more than half of Venezuelan people support “dollarization” of the economy to curb one of the world’s fastest inflation rates. An AtlasIntel survey shows that 31% of respondents support dollarization, while another 26% strongly support the measure. By contrast, those who oppose or strongly oppose it total 30%. According to data from the Central Bank of Venezuela, in April the country’s annual consumer price inflation surged to around 600%, up from 475% in December. Against the backdrop of a weak job market and low wage levels, this vicious inflation has placed a heavy burden on Venezuelan people. Although Venezuela and the United States have teamed up to take measures to reopen the economy in an effort to attract external investment, public confidence and sentiment continue to deteriorate. The survey results show that about 79% of respondents believe the economic situation in May was “bad,” an increase of two percentage points from the previous month.
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