The Central Bank of Venezuela’s report on the price increase for the first quarter of the year places the indicator at 71.8 %.

According to the official figures published on Thursday, April 9, by the BCV on its website, “prices increased 13.1 % in March, while in February inflation was 14.6% and in January 32.6 %.”

In detail, the transportation sector saw the largest increase last month, with a rise of 15.6 %. Next are: housing services, excluding telephone (15 %), recreation and culture (14.5 %), household equipment, and restaurants and hotels (13.3 %).

 

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Regarding food and non-alcoholic beverages, key sectors for the population’s quality of life, prices registered a 12.6 % increase.

According to the regulatory body, “Venezuela has accumulated twelve months with double-digit inflation rates, with January’s being the highest in that period, as well as the highest in exactly three years.”

One of the main causes for the price increase is the rise in the dollar exchange rate. “The price of the dollar on the official market went from 301.37 to 473.87 bolivars in the first quarter of the year, an increase of 57.2 %, which also represents a 36.4 % devaluation of the Venezuelan currency, the bolivar, against the US dollar.”

On the other hand, the monthly minimum wage has been 130 bolivars since March 2022, and it faces constant erosion due to inflation and devaluation.

M.Pino

Source: alnavio

(Reference image source: Chau Le on Unsplash)

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