OVF: Inflation in Venezuela in July was 4 %

The Venezuelan Finance Observatory (OVF) indicated that during the month of July, inflation in Venezuela was 4 %.

The independent entity of the Central Bank of Venezuela also indicated that the interannual and accumulated inflation rates in the country reached 62 % and 22 %, respectively.

According to the OVF report, “the items that showed the greatest increases were services (8.7 %), home equipment (5.1 %) and alcoholic beverages and tobacco (3.9 %).”

By area, the highest inflation rate was recorded in the Caracas Metropolitan Area (AMC), which showed a variation of 5 %; They are followed by the states of Nueva Esparta (4.2 %), Anzoátegui (3.9 %) and the State of Zulia (2.9 %).

A determining item that registered a significant increase is services, with 17.4% in the Caracas Metropolitan Area, 12.4% in Anzoátegui, 9.9% in Nueva Esparta and 1.4% in Zulia.

According to the OVF, “this acceleration of inflation (4 %) is explained both by the nominal depreciation of the bolivar against the dollar (3.4 %) and by the increase in public service rates, especially urban sanitation (16, 9 %) at the national level.”

Inflación Venezuela mes de Julio 2024
📉Mensual: 4%
📉Interanual: 62%
📉Acumulada: 22,7% pic.twitter.com/an2Ybru4gp

— Observatorio Venezolano 🇻🇪 de Finanzas (@observafinanzas) August 6, 2024

M.Pino

Source: finanzasdigital

(Reference image source: Unsplash+, in collaboration with Karolina Grabowska)

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