BCV: Venezuela registered an inflation of 4.1 % in the first quarter of 2024

The Venezuelan government expects the country to close 2024 with the lowest inflation in the last decade

Venezuela registered an accumulated inflation of 4.1 % in the first quarter of the year, after adding 1.2 % in March, the same as in February and 1.7 % in January, reported the Central Bank (BCV).

The 1.2 % rate is the lowest the nation has recorded since August 2012, when goods and services became more expensive by an average of 1.1 %, according to official information.

The BCV indicated that the sector that registered the greatest increase in prices last March was health, with an average increase of 1.6 %, followed by food and non-alcoholic beverages, clothing and footwear and “miscellaneous goods and services”, with increases of 1.3 %.

Between 2017 and 2021, Venezuela experienced hyperinflation with monthly increases of up to three digits, the highest of 196.6 % in January 2019, which rapidly reduced the purchasing power of workers and the value of the bolivar, the currency national, which led the country to unofficially adopt the US dollar as a way to protect itself against this crisis.

Currently, even the price of gasoline is set in dollars, at 50 cents per liter.

The government expects Venezuela to close 2024 with the lowest inflation in the last decade, as reported last March by President Nicolás Maduro, who assured he had a plan to continue slowing the pace of price growth.

Meanwhile, university professors and workers from various sectors demand that the authorities increase the minimum wage, the reference for other salaries in the public sector, which is equivalent to about $3.5 per month.

With information from El Sumario

(Reference image source: archive)

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