Family Food Basket fell in price by 2.3% in June but remains inaccessible

The price increase in bolivars of the products measured by the Family Food Basket during the last month was less than the increase in the dollar, so the same amount of dollars can buy more products in bolivars


The price of the estimated Family Food Basket for five people in Venezuela averaged $511.20 in June, according to calculations by the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM).

This amount translates into a 2.3% price reduction compared to the cost of the basket published in May, which was estimated at $523.29.

Despite being a small decrease, those $12 represent a milestone in a country that registered inflation in dollars of more than 50% in 2022. In other words, in the Venezuelan economy, dollarized prices tend to rise, not fall.

Of course, the price in bolivars did get more expensive. In March an amount of Bs 14,024.10 was registered, which climbed 3.9% to Bs 14,584.62, that is, Bs 560.52 more than last month.

Family Food Basket fell in price by 2.3% in June but remains inaccessible

This difference is explained by the variation in the exchange rate, since at the end of March, each dollar was equivalent to Bs 24.52; while by the end of July, the currency was quoted at 27.83, which constitutes a currency appreciation of 13.4%.

*Read also: Pharmaceutical industry reported a 6% increase in drug consumption from January to May

In other words, the price increase in bolivars during the last month was less than the increase in the dollar, so the same amount of dollars can buy more products in bolivars.

When analyzing in detail the price variation in bolivars for each item, Cendas-FVM points out that the largest increase this month corresponded to fruits and vegetables, which cost 7.15% more than in May. It was followed by meat and its preparations with 6.88% and coffee with 5.50% more expensive in bolivars.

On the other hand, the Family Food Basket measured in bolivars already presents an accumulated variation so far this year of 77.4%. In other words, between January and June the prices in bolivars increased a little less than double.

The annualized variation, which compares the prices of June 2022 with June 2023, is 462.4%. In other words, products cost 3.6 times more bolivars than 12 months ago.

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