Venezuela Registers the Lowest Inflation Since 2004
A food store in Venezuela, July 2024. Photo: X/ @EfectoCocuyo
July 9, 2024 Hour: 12:20 pm
Between May and June, the monthly inflation rate decreased from 1.5 percent to 1 percent.
On Tuesday, the Central Bank of Venezuela (BCV) published a report showing that the accumulated inflation between January and June was 8.9 percent.
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Between May and June, the monthly inflation rate decreased from 1.5 percent to 1 percent. In June, the highest price increases occurred in food and beverages (1.5 percent), education (1.1 percent), health (0.9 percent), clothing and footwear (0.8 percent), miscellaneous goods and services (0.6 percent), and communications (0.6 percent).
In the short term, the deceleration of inflation is due to the drop in the price of the dollar in Venezuela, a Caribbean country where a significant portion of the prices of goods and services are set in the U.S. currency.
This recovery in purchasing power comes after years of severe and constant devaluations of the bolivar. Currently, the local currency is more stable despite the United States maintaining 930 arbitrary sanctions against the Venezuelan government and people.
In early July, Venezuelan President Nicolas Maduro announced that June’s inflation was the lowest in recent decades.
“In May, we had the lowest inflation index in 18 years. Then in June, we had the lowest inflation level in 39 years,” the Bolivarian leader said, noting that despite the economic war waged by the United States, his administration has achieved “the changes the country needs and a growing and robust economy.”
“The economic miracle is happening, and it is very important because it allows families and businesses to plan with more certainty,” Maduro said during his weekly television program.
Autor: teleSUR/ JF
Fuente: EFE - Efecto Cocuyo
