Venezuela inflation hits 649% despite US aid

Venezuela's economic situation has deteriorated sharply despite US aid and normalized relations, with annual inflation reaching 649% in March 2026. Monthly inflation spiked to 32.6% in January 2026 after the US took control of Venezuela's oil and gas, then fluctuated to 14.6% in February and 13.1% in March. Experts attribute the persistent inflation to two main factors: US control over Venezuela's oil revenues deposited in Treasury accounts with limited disbursement, and reduced cheap imports of essential goods from China that the US has failed to replace. The 649% annual inflation figure is significantly higher than the 475% recorded in December 2025 during Nicolas Maduro's final month in office.