Accumulated inflation in Venezuela was 96.3 % in the first five months of the year

According to data published this Monday by the Central Bank of Venezuela, during the first five months of the year, the accumulated inflation of the nation reached 96.3 %

The Central Bank of Venezuela published on Monday the data on accumulated inflation in the country, the first five months of 2023, which amounts to 96.3 %.

The official data from the country’s regulatory body lead us to admit the critical reality that the population lives, especially in the sectors with less purchasing power.

According to information from the BCV, “the greatest price increase occurred in the communications sector, followed by health and education.”

In this sense, according to the data provided by the Central Bank, the communications sector rose 13.1 %), followed by the health sector with an increase of 7.5 % and education, with 6.5 %.

Taking these data into account, Reuters calculations conclude that “year-on-year inflation stood at 429.2 %, the highest in the region.”

In detail, the average increase for the goods and services sector in April “was 3.8 %, on March 6.1%, on February 19.3 % and in January 42.1%, which is the highest monthly inflation registered in Venezuela in the last two years”.

For the month of May, according to experts from the Finance Observatory (OVF), the closing stood at 7.6 %, with an accumulated variation of the first five months of the year of 84.9 %.



(Reference image source: Unsplash, in collaboration with Getty Images)

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