Inflation in July was 0.7%: the lowest reported by the BCV so far this year

Among the items that increased the most in price in July are: alcoholic beverages and tobacco with 1.7%, educational services 1%, clothing and footwear 0.9% household equipment 0.9%, food and non-alcoholic beverages 0.8% and health 0.8%

July ended with an inflation rate of 0.7%, the lowest so far this year, according to data reported by the Central Bank of Venezuela (BCV). The indicator was updated on the website of the issuing entity this Friday, August 9.

The year began with inflation at 1.7%, while in February and March the figure was 1.2%. In April, the highest so far, the indicator closed at 2%, in May it was 1.5% and in June 1%.

Recreation and cultural services rose by 0.7%, miscellaneous goods and services by 0.6%, and transportation by 0.6%. Among the sectors with the lowest increases were housing rentals by 0.3%, housing services except telephone by 0.3%, communications by 0.3%, and restaurants and hotels by 0.2%.

Monetary authorities have managed to curb inflation over the past two years, after the country entered a hyperinflationary process that lasted four years, from 2017 to 2021. Among the measures that have been adopted to tackle inflation are the constant injection of foreign currency into the exchange market, as well as restrictions on bank credit and moderation of public spending.

This year Venezuela could close with an inflation rate of 89.4%According to estimates by FocusEconomics, despite being much lower than in 2023, the nation remains among the countries with the highest inflation rates, only surpassed by Argentina, which could close 2024 with an inflation rate of 236%. Likewise, the Venezuelan economy could grow 4.6% by the end of the year.

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