- According to the issuing body, the sector that registered the largest increase in June was food and beverages | Main photo: Courtesy
The Central Bank of Venezuela (BCV) reported that the country’s economy accumulated inflation of 8.9% in the first six months of 2024 and revealed that the consumer price index (CPI) was 1% in June.
According to the issuing body, the sector that registered the largest increase in June was food and beverages (1.5%), followed by education services (1.1%), health (0.9%), clothing and footwear (0.8%), various goods and services (0.6%) and communications (0.6%).
The figures released by the BCV have a variation of 1.4% with respect to the percentage increase in the CPI indicated by the Venezuelan Observatory of Finance (OVF), which recorded 2.4% inflation in June this year.
The observatory said in a report published on July 4 that cumulative inflation in the first half of 2024 was 18.1%. However, the NGO recorded a 1.5% decrease in the CPI in June compared to May, when the figure was 3.9%.
The organization explained that the slowdown in inflation is due to the fall in the price of the dollar in the country, since many goods and services are fixed in the US currency.
Another of the reasons mentioned by the OVF is the wage restraint that the government of Nicolás Maduro has been applying, since no increase in the minimum wage or pensions has been decreed since March 2022.
At that time, these revenues were set at 130 bolivars, then regarding 30 dollars and now at 3.5 dollars, according to the official exchange rate of the Central Bank of Venezuela (BCV) of July 9, 2024.
President Nicolás Maduro recently said that June ended with the lowest inflation in 39 years, although he did not indicate the figure that is being handled by official bodies.
Inflation by category according to the OVF
The Venezuelan Financial Observatory detailed the sectors that showed the greatest increase in their prices:
– Services: 8 %
– Communications: 4.9%
– Home equipment: 3.7%
– Education: 3%
According to the NGO report, urban cleaning increased by 7.9%, cable television by 7.1%, mobile telephony by 6.3% and landline telephony by 7.3%.
The report also detailed the behavior of consumer price indices for the month of June in the Metropolitan Area of Caracas, Zulia, Anzoátegui and Nueva Esparta.
The state with the highest inflation figures was Anzoátegui with 4.8%, followed by Zulia with 2.7%, Nueva Esparta 2.2% and the Capital District with 1.6%.
Inflation in the month of May
The OVF reported on June 5 that the Inflation in Venezuela during the month of May was 3.9%, which meant an increase of 1% compared to April, when the figure was 2.9%.
The cumulative rate (January to May 2024) reached 15.3% and the year-on-year inflation (May 2023 to May 2024) reached 78%.
The NGO added that the sectors that saw the biggest price increases during May were services (7.2%), communication services (6.8%) and education (4.4%).
According to the report, all services increased in May: 18.2% for electricity; 16.7% for water; sanitation and gas services increased by an average of 7%; cable television service by 5%; cell phone service by 14.4% and Internet by 4%.
With information from EFE
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2024-07-10 06:38:42
