Venezuelan Inflation Rate Drops to 0.7 Percent in July
A supermarket in Caracas, Aug. 2024. Photo: X/ @ElUniversal
August 10, 2024 Hour: 10:14 am
The monthly inflation rate was the lowest since President Maduro took office in April 2013.
On Friday, the Venezuelan Central Bank (BCV) published a report showing that monthly inflation in July was 0.7 percent, confirming the trend towards a reduction in prices in this South American country.
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Authorities also confirmed that the accumulated rate of increase in prices of goods and services reached 9.7 percent in the first seven months of the year.
The highest monthly inflation rate in July was recorded in alcoholic beverages, whose prices rose by 1.7 percent, followed by education services, which rose by 1 percent just.
Previously, monthly inflation was 1 percent in June, the lowest in the last 12 years according to the Venezuelan Central Bank, which now places the July indicator as the lowest since President Nicolas Maduro took office in April 2013.
In December 2021, Venezuela overcame the hyperinflationary process in which its economy entered in 2017 as a result of the U.S. financial and trade sanctions that prevent this South American country from easily linking to international markets.
For four years, the hyperinflation process reduced the value of the bolivar, the national currency, as well as the citizens’ confidence in it, so they unofficially adopted the dollar in an attempt to protect their income.
This week, the Observatory of Labor Conflict and Union Management of the Institute of Advanced Trade Union Studies (INASIN) also reported that Venezuela registered in July the lowest number of labor conflicts of the year with only 18 cases. The highest percentage of claims were made by workers in the educational sector (44 percent), followed by workers in basic industries (11 percent).
teleSUR/ JF Source: EFE – BCV
