Every time the Central Bank of Venezuela releases an inflation figure, the whole country does the same mental calculation: how much more the things I buy cost, how far my salary fell short, and what the dollar is trading at today. It’s a reflex learned the hard way. Since the 1980s, Venezuelans have lived with prices that rise faster than incomes, and although hyperinflation is now behind us as an episode, stability remains elusive.
At PitbullChain, we don’t read the inflation figure as an economic headline: we read it as an operations manual for anyone who buys, sells, and saves in crypto every day.
📊 An 8.4% increase doesn’t mean things are getting cheaper
The latest data puts September’s price increase at 8.4% month over month. In other words, the weighted average of goods and services measured by the BCV became that much more expensive in just one month. The year-to-date figure reached 225.3%, and the year-over-year rate stood at 465.6%.
There’s a detail that’s often misunderstood and worth repeating until the point sinks in: a lower figure doesn’t mean prices have gone down. It means they’re rising more slowly. That’s what’s been happening this year, with September’s year-to-date figure coming in below the figure for the same month last year (225.32% versus 230.9%). It’s a slowdown, not deflation. The difference is huge for people’s wallets: the shopping cart still costs more than it did the month before, just with a somewhat less brutal jump.
And since inflation isn’t uniform, every family experiences its own rate. It depends on spending habits: someone who spends a larger share on food and transportation feels a different rate than the national average. That’s why the official figure serves as a reference, not an absolute truth.
📈 A measurement based on a basket from two decades ago
That’s the most uncomfortable part. The BCV measures inflation using 2007 as its base year and a basket developed in 2005—the oldest in Latin America. In practice, inflation is calculated as if Venezuelans still consumed the same things today as they did 20 years ago, even though recession, migration, and changing habits have completely transformed the structure of household spending.
On top of that, more than a decade ago the central bank stopped publishing key indicators such as core or underlying inflation—which strips out the most volatile categories, such as certain foods and energy—and it also doesn’t release wholesale price, construction, or manufacturing industry data. This makes planning more difficult for businesses and forces consumers to build their own indices.
🔎 BCV, the parallel dollar, and USDT: three compasses for the same wallet
The average Venezuelan no longer measures inflation solely by the BCV bulletin. They track three reference points every day: the official exchange rate, the parallel dollar, and the USDT rate on the P2P market. When these three diverge, a gap opens up where P2P traders operate and the spread becomes a real cost for anyone exchanging bolivars.
That’s why USDT has become not just a store of value, but also a unit of account. Merchants, freelancers, and remittance senders quote prices in digital dollars because the bolivar reference rate changes too quickly to hold a price steady for weeks. With year-over-year inflation above 400%, adjusting prices in bolivars is a full-time job; adjusting them in USDT is a one-off decision.
💰 What happens in the P2P market when inflation hits triple digits
Venezuela’s P2P market has some familiar dynamics in high-inflation environments:
📖 Read the full article: https://pitbullchain.com/noticias/inflacion-8-4-por-que-el-usdt-sigue-mandando-en-el-p2p-venezolano-452232
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