Overreliance on oil prices and a fractured political system without parties agreeing on policies caused many of the problems. By the mid-1990s, Venezuela under President Rafael Caldera saw annual inflation rates of 50–60% from 1993 to 1997 with an exceptional peak in 1996 at 100%. The percentage of people living in poverty rose from 36% in 1984 to 66% in 1995, with the country suffering a severe banking crisis (Venezuelan banking crisis of 1994). In 1998, the economic crisis had grown even worse. Per capita GDP was at the same level as 1963 (after adjusting 1963 dollar to 1998 value), down a third from its 1978 peak; and the purchasing power of the average salary was a third of its 1978 level.