The Venezuelan Finance Observatory (OVF) reported that inflation last March was 4.2%, 16 percentage points less than in February, when it stood at 20.2%.
“Indeed, the monthly inflation rate reached 4.2% while the annualized rate continues to be considerably high, registering a rise of 501%. The accumulated rate stood at 67.7%”, explained the OVF in its monthly balance, published through its website.
*Read also: Price acceleration slows down the recovery of food consumption
The observatory detailed that the items that experienced the greatest increases were: services (14.6%), restaurants and hotels (13.6%), goods and services (7%) and communication services (6.5%).
He explained in the press release that two factors influenced last month’s result. “First and most important, the stability of the exchange rate, which barely increased 0.6% and secondly the slowdown in consumption, a situation that has eased the pressure on demand.”
He stressed that the annual inflation rate of 501% suggests that, despite the slowdown in price increases registered in March, the Venezuelan economy is in a situation in the first quarter of 2023 of lower growth and higher inflation.
The monthly inflation rate reached 4.2% while the annualized rate continues to be considerably high, registering a rise of 501%. The accumulated rate stood at 67.7%. pic.twitter.com/uowNjjSGHm
— Venezuelan Finance Observatory (@observafinanzas) April 5, 2023
