ANSA predicts price reductions following dollar drop

Last week, Ítalo Atencio, president of the National Association of Supermarkets and Self-Service Stores, indicated that a decrease in product prices on store shelves is expected in the short term due to the decline in the value of the unofficial dollar, which has fallen from an average of 900 to 400 bolivars.

Atencio said, “Prices are going to go down, that’s for sure,” adding that “the cost structure naturally adjusts to the exchange rate,” although he clarified that it’s not an instantaneous process, as it depends on inventory replenishment and agreements with suppliers.

According to ANSA, “domestic competition and a commitment to the end consumer are forcing businesses to reflect the drop in the foreign currency on product labels to maintain sales volume.”

Atencio referred to transparency in price marking as a fundamental aspect in this stage of economic transition. He emphasized the commitment of supermarkets affiliated with the association to ensure that the benefits of the inflow of foreign currency and the revaluation of the bolivar “reach the pockets of citizens directly.”

M.Pino

Source: alnavio

(Reference image source: Marjan Blan on Unsplash)

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