The Middle East conflict has repercussions at both the regional and global levels. The increase in oil prices has spread to the gas and fuel sectors, prompting the European Union to prepare contingency measures to minimize the effects on consumers.

The EU is streamlining procedures for importing non-Russian gas amidst the escalating conflict in the Middle East, which has impacted supply. This has led to more flexible requirements, reduced red tape, and faster response times from authorities.

Currently, the United States, Africa, and Qatar are considered potential alternatives for importing liquefied natural gas.

There are specific initiatives in the region, such as in Italy, where Prime Minister Giorgia Meloni announced a reduction of €0.25 per liter of fuel to alleviate the effects of price increases caused by the war. The measure was approved by the Council of Ministers through a decree-law.

Spain, for its part, is reportedly evaluating similar options; that is, reducing taxes, offering incentives for consumption, “eliminating the CO₂ price, or returning to the ‘Iberian exception’ or a cap on gas prices,” according to European media.

Although the International Energy Agency has stated that member countries can release more oil onto the market, France does not share this view. Finance Minister Roland Lescure has indicated that the country cannot replace lost flows with existing reserves.

In any case, the consequences of the conflict in the Middle East and the closure of the Strait of Hormuz are being felt globally, with price increases in oil, gas, electricity, and fuels, forcing governments to scramble to find alternatives not only for supply but also to minimize the impact on the population.

M.Pino

With information from international media

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La entrada Middle East conflict accelerates relief measures in the energy sector apareció primero en Bitfinance.

Inflation in Venezuela during the month of September was 8.7 %. This was announced this Friday by the country’s Central Bank, adding that the accumulated inflation was 158.3 % and the interannual inflation was 317.6 %.

According to the local entity’s report, the increase in prices during the month of August had a substantial rebound that has affected the inflation index.

The data published by the BCV indicate that the sectors with the greatest increase in September 2023 are “education, with an increase of 18.1 %; followed by transportation, with 11.1 %; clothing and footwear, with 10.1 %; and communications, with an increase of 9.8 %.”

Likewise, other items that also showed price increases are food and non-alcoholic beverages, with an average increase of 7.9 % in September, followed by the health sector, where prices reflected an increase of 8.8 %.

Estimates from the Venezuelan Observatory of Finance (OVF), “the estimated monthly inflation for September 2023 was 6 % and the annualized inflation was 396 %.”

The first is directly related “to the 5.5 % increase in the price of the dollar, which reinforces the close link between exchange rate and price movements,” as explained by the OVF.

All this in a bimonetary scenario, where transactions in bolivars, the depreciated national currency, and dollars coexist. The US currency serves as a reference in the price and value market.

M.Pino

Source: finanzasdigital

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La entrada Venezuela’s accumulated inflation reached 158.3 % in September apareció primero en Bitfinance.

As a result of the constant increase in the prices of goods and services, Venezuela could reach an inflation rate of 300 %.

Economists point out that the injection of millions of dollars into the banking sector by the Central Bank of Venezuela has contributed to this inflationary crisis.

According to Luis Bárcenas, “the injection of more than 180 million dollars” recently to the banks would demonstrate the “fragility in which the Venezuelan economy is submerged.”

Analysts predict that if the increase in the prices of goods and products continues, calculated between 10 and 20 % per month, the country advances to an inflation of 300 %.

Bárcenas indicated, in a recent radio interview, that Venezuelan institutions show distrust of the State’s measures to curb inflation.

According to the economist, “inflation increases 5 % every week, the exchange rate that now seems to adjust more to the reality of prices of several years ago, so we see that this aggressive action that the BCV has to curb inflation.”

M.Pino

Source: hispanopost

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La entrada Inflation continues to rise in Venezuela apareció primero en Bitfinance.