The Venezuelan Finance Observatory (OVF) reported this Monday that cumulative inflation in Venezuela for the first quarter of the year stood at 36.1 %.

According to the independent organization made up of economic analysts, prices for goods and services accelerated during this first quarter. “According to their data, inflation in January was 7.9 %; in February, 12.8 %; and in March, 13.1 %, while the year-on-year change reached 136 %.”

The OVF (National Food and Agriculture Organization) reported in its report this Monday, April 7, that in March, the largest price increases were recorded in the household goods segment (16.7 %) and services such as gas (56 %) and cleaning services (17 %). A 14 % increase was also seen in food and non-alcoholic beverages.

According to analysts, March was the “sixth consecutive month with a sustained devaluation of the bolivar — the local currency — which is still used to pay salaries, bonuses, and pensions, and which lose purchasing power as the dollar rises.”

M.Pino

Source: swissinfo

(Reference image source: Victoriano Izquierdo on Unsplash)

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