The economist and university professor, José Guerra, indicated that the country is still above 3 digits, so “we are in a process of high inflation” and “it is not yielding as we would expect”
The Central Bank of Venezuela (BCV) published this Thursday the latest figures for the month of May of the National Consumer Price Index (INPC).
According to the bank, inflation for the fifth month of the year was 6.5%, while the accumulated figure was 23.9% and the year-on-year figure was 167.2%.
The @BCV_ORG_VE finally published the INPC for May. Inflation for the month accelerated to 6.5% when in April it was 4.4%. With this result, the accumulated rate for the first 5 months of 2022 reached 23.9% and the annualized rate (May 2021 to May 2022) at 167%.
– Ahiana Figueroa (@ahianaf) June 16, 2022
The items that showed the greatest increase in the month of May according to the data provided by the BCV were: Education services: 15.7%; Food and non-alcoholic beverages: 8.6%; Leisure and culture: 8.5%; Restaurants and hotels: 8.4%; Health: 5.7%; Clothing and footwear: 5.3% and Miscellaneous goods and services: 5.3%.
On June 7, the Venezuelan Finance Observatory (OVF) indicated that inflation during the month of May was 10.1%, which almost triples the 3.6% registered during April.
“Inflation is not totally defeated as we had assumed. We return to the two digits, which is a considerably high number. We had been in single digits for several times. Now there is an inflationary rebound ”, he highlighted in the presentation of the monthly inflation report via Zoom.
According to the organization, year-on-year inflation was 151%, while the accumulated rate was 34.3%. In that sense, the economist and university professor, José Guerra, indicated that the country is still above 3 digits, so “we are in a process of high inflation” and “it is not yielding as we would expect.”
“The inflation rate tripled,” added Guerra, while highlighting that the items that had increases were Education 54.9%; Miscellaneous Goods and Services 24.8%; Recreation 16%; Clothing and Footwear 18.6%; Housing rental 13.2%; Food 11.9% and Transportation 11.5%.
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For the month of May 2022, the value of the Food Basket reached a new record, standing at US$382.
However, the minimum wage for a worker is US$30 per month, which means that a large part of Venezuelan households are excluded from being able to purchase essential consumer goods.
In one year, from May 2021 to May 2022, the Food Basket has increased by US$85, according to data provided by the OVF.
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