Inflation in Venezuela stood at 19.6 % in May, accumulating a level of 2,950 % in the accumulated period of twelve months and 307.3 % so far this year, as reported this Wednesday by the Venezuelan Observatory of Finance.
The coordinator of the Observatory, Alfonso Marquina, has pointed out that the monthly inflation rate for May is the second lowest so far this year, due to the record of a lower growth rate of liquidity (26 %) compared to the month of February and the devaluation of the exchange rate by 1 %.
Prices in the services sector increased by 26.3 %, the highest rise among all categories, due to the progressive adjustment of rates in this type of activity. The group of food and non-alcoholic beverages posted an increase of 22.5 %, while communication services grew 21.8 %.
During the month of May there was evidence of the deepening of the decrease in purchasing power, mainly of the most disadvantaged sectors. On the other hand, the value of the food basket for a family of five has reached a historical maximum of 296.54 dollars, equivalent to almost 900 million bolivars. It represents a growth of 41 % since November 2020 and 18 % since January of this year, so Venezuelans need 132 minimum wages to be able to access the food basket.