The BCV reported that Venezuela’s inflation rate rebounded in April, closing at 4.4%. The result was driven by the groups Education services, Restaurants and hotels, Leisure and culture and Food and non-alcoholic beverages
The Central Bank of Venezuela (BCV) reported that inflation in Venezuela in April was 4.4%, an acceleration compared to March when the indicator was 1.4%. With this result, it can be seen that the accumulated rate for 2022 reaches 16.3%, while the annual rate (April 2021 to April 2022) ended at 222.3%.
Through a press release, The issuing body stated that the National Consumer Price Index (INPC) showed its eighth consecutive single-digit monthly variation in April, and the third followed below 5%. Venezuela officially exited the hyperinflationary process in December 2021, after earning a rate below 50% for 12 consecutive months. However, analysts maintain that the country continues to register one of the economies with the highest inflation in the world.
In the last quarter of 2017, the highest inflationary cycle in the country’s history began. Venezuela had a price increase of 130,060% in 2018. However, it officially came out of hyperinflation in December 2021 after registering a rate below 50% for 12 months
“The annualized variation for April is the lowest in the last 73 months. The accumulated variation in the first four months, of 16.3%, is the lowest observed for a month of April since 2014”, indicated the BCV.
Data from the Central Bank indicate that the inflation rate for April was driven by the groups Education services with 15.2%; Restaurants and hotels with 6.2%); Leisure and culture with 5.7% and Food and non-alcoholic beverages with 5.6%.
In this sense, the category of Food and non-alcoholic beverages had an increase of 14.3% between January and April. Equally, had a significant rebound going from 1% in March to 5.6% in April.
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While in seven of the 13 INPC categories, the variation did not exceed the average for the month: Alcoholic beverages and tobacco with 0.8%; Transport with 1.9%; Communications with 2%; Clothing and footwear with 2.9%; Housing services with 3%; Health with 3.5% and Miscellaneous goods and services with 3.9%.
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