Venezuela accumulates an inflation of 48.4% until July

Venezuela accumulates an inflation of 48.4% until July

Venezuela accumulated an inflation of 48.4% in the first seven months of the year, after the indicator stood at 11.4% in June and 7.5% in July, according to data published this Monday by the country’s Central Bank (BCV).

The issuing entity did not update the information on the behavior of the National Consumer Price Index (INPC) since June 17, when it reported that the variation in May was 6.5%.

Now, official data shows that the prices of goods and services nearly doubled in June, although the rise slowed last month to 7.5%.

Thus, the averages of the last two months are the highest so far this year, with June being the only period with double-digit inflation in 2022.

The sectors that increased the most last month were education services, with an increase of 12%, followed by leisure and culture, with 10.8%, and housing services, with an increase of 9.5%.

However, the measurement prepared by the Venezuelan Finance Observatory (OVF), an independent entity made up of economic experts, places the accumulated inflation in the first seven months of the year at 62%.

Venezuela emerged last December from a hyperinflation that it entered in 2017 and that, for four years, reduced the value of the bolivar, the official currency, as well as the confidence of citizens in it, for which they unofficially adopted the dollar in an attempt to protect their income.

With information from EFE

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