Venezuela’s accumulated inflation reached 158.3 % in September
The Central Bank of Venezuela reported that for the month of September inflation was 8.7 %, accumulated at 158.3 % and interannual at 317.6 %
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
(Reference image source: Wance Paleri, Unsplash)
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