Venezuela has emerged from a four-year cycle of hyperinflation, but there's still a long way to go before its economic crisis ends. 

The country's central bank says annual inflation hit almost 690 percent in December 2021. The previous year it reached almost 3000 percent.

For four years, monthly inflation rates surpassed 50 percent, making it one of the longest periods of hyperinflation in history.

Monthly inflation increases have now remained below 50 percent for an entire year, but prices are still high and the country has one of the highest inflation rates in the world.

“Technically, we have come out of hyperinflation, but Venezuela continues to have the highest inflation in the world. Last year, 2021 inflation was 686 percent. That means that Venezuela had 100 times the average of America," said Economist José Manuel Puente.

Venezuelans are using U.S. dollars and other foreign currency in everyday transactions as the local currency has lost most of its value.

“We used to change prices weekly or several times during the week. It has improved a bit. Now prices change once a week or every 15 days," said refreshment stand manager Edgar Alcalá.

Another factor that has allowed the country to come out of the hyperinflation cycle is oil revenues. 

Venezuelan economist Angel Alvarado believes it is a fragile scenario and returning to a hyperinflation cycle is a possibility. 

Over the last four years, the country's main source of income has been affected by U.S. sanctions, but Alvarado believes mismanagement and corruption have also played a role.

Oil production nearly doubled in 2021 after record lows.

Meanwhile, inflation continues to be a reality for millions of Venezuelans trying to keep up with prices still rising but not as steeply as before. 

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