Inflation in Venezuela stands at 305.7%

According to the Venezuelan Finance Observatory, the country's inflation in December was 37.2%

The National Consumer Price Index (INPC) of Venezuela increased by 37.2% in December in monthly terms and year-on-year inflation is now at 305.7%, according to the Venezuelan Finance Observatory (OVF), an independent organization of economic information.

This monthly increase is the highest in the last 20 months and the year-on-year figure represents levels close to hyperinflation.

“It should be mentioned that the pronounced accelerations in inflation that have been registered since September 2022 could place the Venezuelan economy in danger of a hyperinflationary outbreak,” the observatory notes.

Among the groups that reflected the greatest increases in December were clothing and footwear (57.8%), household equipment (55.8%), housing rental (51.8%) and food (49.4%).

In particular, the increases in food prices have hit the lower-income sectors particularly hard, since these goods represent the main expense of this population group.

The prices of the communication and services sector increased below the monthly average (18.6% and 13.5%, respectively).

K.Tovar

Source: Infobae

(Reference image source: freepik, via web)

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