Venezuelan inflation rate in 2004: 21.70%

Bs.

Inflation in 2004 and its effect on bolivar value

Bs. 1 in 2003 is equivalent in purchasing power to about Bs. 1.22 in 2004. The bolivar had an average inflation rate of 21.70% per year between 2003 and 2004, producing a cumulative price increase of 21.70%. Purchasing power decreased by 21.70% in 2004 compared to 2003. On average, you would have to spend 21.70% more money in 2004 than in 2003 for the same item.

This means that prices in 2004 are 1.22 times as high as average prices in 2003, according to the International Monetary Fund consumer price index.

The inflation rate in 2003 was 31.10%. The inflation rate in 2004 was 21.70%. The 2004 inflation rate is lower compared to the average inflation rate of 209.10% per year between 2004 and 2021.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2004 was 79,278.22. It was 65,142.33 in the previous year, 2003. The difference in CPI between the years is used by the International Monetary Fund to officially determine inflation.

⌃
Inflation from 2003 to 2004
Average inflation rate 21.70%
Converted amount
Bs. 1 base		 Bs. 1.22
Price difference
Bs. 1 base		 Bs. 0.22
CPI in 2003 65,142.330
CPI in 2004 79,278.216
Inflation in 2003 31.10%
Inflation in 2004 21.70%
Bs. 1 in 2003 Bs. 1.22 in 2004
Recent VEF inflation
Annual Rate, the International Monetary Fund CPI
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How to calculate inflation rate for Bs. 1, 2003 to 2004

Our calculations use the following inflation rate formula to calculate the change in value between 2003 and 2004:

CPI in 2004CPI in 2003
×
2003 VEF value
=
2004 VEF value

Then plug in historical CPI values. The Venezuelan CPI was 65142.33005 in the year 2003 and 79278.21567 in 2004:

79278.2156765142.33005
×
Bs. 1
=
Bs. 1.22

Bs. 1 in 2003 has the same "purchasing power" or "buying power" as Bs. 1.22 in 2004.

To get the total inflation rate for the 1 years between 2003 and 2004, we use the following formula:

CPI in 2004 - CPI in 2003CPI in 2003
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

79278.21567 - 65142.3300565142.33005
×
100
=
22%

Data source & citation

Raw data for these calculations comes from the government of Venezuela's annual (CPI) as provided by the International Monetary Fund.

You may use the following MLA citation for this page: “Inflation Rate in 2004 | Venezuela Inflation Calculator.” Official Inflation Data, Alioth Finance, 9 Oct. 2026, https://www.officialdata.org/Venezuela-inflation-rate-in-2004.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

in2013dollars.com is a reference website maintained by the Official Data Foundation.

Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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Inflation from 2003 to 2004
Average inflation rate 21.70%
Converted amount
Bs. 1 base		 Bs. 1.22
Price difference
Bs. 1 base		 Bs. 0.22
CPI in 2003 65,142.330
CPI in 2004 79,278.216
Inflation in 2003 31.10%
Inflation in 2004 21.70%
Bs. 1 in 2003 Bs. 1.22 in 2004