The OVF indicated that it is possible that there will be increases in the items due to the adjustment that is taking place gradually due to the devaluation. The item that had the most increase in August was clothing and footwear
The Venezuelan Finance Observatory (OVF) presented this Monday, September 5, the National Consumer Price Index (INPC) corresponding to the month of August 2022, where they estimate that inflation during the eighth month of the year stood at 17.3%.
According to OVF calculations, the increase in inflation in August was related to the increase in public spending and the increase in monetary liquidity of more than 15%, which caused the devaluation of the bolivar by 36% during that month.
They estimate that it is possible that higher price increases will be registered in the coming months as they adapt to the devaluation of the currency.
“Another black Wednesday”, this is how some Venezuelans described the spike in the price of the parallel dollar on Wednesday August 24. However, the rise of the currency did not stop and this Thursday the 25th it again showed a significant rebound until reaching the new top of 9 bolivars.
On the other hand, he highlighted that year-on-year inflation rose to 153% and accumulated inflation was established at 90%.
Also, the OVF highlighted that in the month of August of this year, the food basket stood at 371 dollars. Although it had a decline of 5.21% compared to July, when the cost of it reached $392, there is an increase of 21.66% compared to August 2021.
*Also read: Rise in the dollar puts Maduro’s anti-inflationary “plan” at three and two
They emphasize that the minimum wage, which currently stands at an average of 16 dollars due to devaluation, there is a “significant lag” in wages compared to the cost of the food basket, where it only covers 4.3% of it. .
Through consultations carried out in establishments in the country and the contrast of data, the OVF determined that in August the item that had the greatest increase was clothing and footwear, by 23.9%, coinciding with the proximity of the purchase of school uniforms ahead of the new school year.
This corresponded to an approximate amount of Bs 2,459, 25 in August.
Recreation was the second item where there was a significant increase during the eighth month of 2022, registering an amount of 436.6 bolívares; which meant a 23.6% increase.
Alcoholic beverages and tobacco, with 22.7%, and the food category, with 15.6%, are the other two items in which a significant increase was seen compared to the previous month.
For July, the OVF estimated that the items that registered the greatest increases are: Food and non-alcoholic beverages with 9.9%; Alcoholic beverages and tobacco with 9.5%; Restaurants and hotels with 9.3% and communication services with 7.1%.
National Consumer Price Index August 2022 by As it is on Scribd
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