The Cedice Libertad Public Expenditure Observatory reported for the month of October the largest price increase in 20 months, with inflation increasing in bolivars by 9.7%, while in dollars it fell 2.18% due to the depreciation of the bolivar
The Cedice Libertad Public Expenditure Observatory reported this Monday that inflation for the month of October showed a mixed behavior in Venezuela: while the indicator in bolivars rose by 9.7%, in dollars it fell by -2.18%, a phenomenon attributed to the rapid depreciation of the national currency against the dollar. This adjustment in the exchange rate has allowed prices in dollars to reflect a fall in some items, although in terms of bolivars they continue to rise.
In October we had the largest price increase in 20 months. Find out what its variation has been in Bolívares and Dollars and tell us what you think?
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According to the report, the main sectors that drove inflation in bolivars during October were perfumery and personal care, with an increase of 17.59%; transportation, which rose 14.9%; food, with a variation of 9.88%; and recreation and leisure, which increased 9%. Services also registered an increase of 7.6%, while the restaurant segment had a more moderate increase of 2.93%, according to data from the Cedice Inflationometer.
In contrast, dollar prices reflected a decrease in several items during the same period. Restaurants saw a decline of -8.08%, followed by services at -3.93%, recreation and leisure at -2.87%, and food at -2.14%. However, some sectors showed increases in dollars: perfumery and personal care rose 4.62%, and transportation increased 2.95%.
Average monthly consumption
The Observatory indicated that the average monthly consumption of 61 goods and services reached 24,523.37 bolivars. This value corresponds to a family of three people in Caracas, Maracaibo and Valencia, and represents an increase of 3.15% in the second half of October.
This would mean that to cover this consumption, at least 4.5 full salaries of Bs 5,444.4 are required, or just over one full salary per week.
The same basket in US currency stood at $593.29 at the end of October.
*Read also: In Maracaibo, for every 10 stores, six are still open and four closed
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