Inflation in Venezuela was 1.7 % in January according to BCV

The data for the first month of 2024 is 40.4 points below the inflation registered in January 2023

Venezuelan inflation was 1.7 % in January, a decrease of 0.7 points compared to December 2023, reported the Central Bank of Venezuela (BCV).

With this figure, the country accumulates four consecutive months of slowdown in the increase in prices of goods and services, after having registered a rate of 2.4 % in December, 3.5 % in November and 5.9 % in October, according to official statistics.

The data for the first month of 2024 is 40.4 points below the inflation recorded in January 2023, of 42.1 %, a figure that fell to 19.3 % in February and then remained in single digits during the remaining 10 months of last year.

The sector that registered the greatest increase in prices last month was communications, with an increase of 3.7 %; followed by education, with 3.5 %; alcoholic beverages and tobacco, with an increase of 3.3 %, and health and home equipment, whose prices grew by 2.6 % in January.

The official data varies by almost three points from that released last Tuesday, January 30, by the Venezuelan Finance Observatory (OVF), an independent entity made up of economic experts, which calculated January inflation at 4.2 %.

In December 2021, Venezuela emerged from a hyperinflation that it entered in 2017 and that, for four years, reduced the value of the bolivar, the country’s official currency.

Taken and with information from El Sumario

(Reference image source: Archive)

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