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HomeEconomyVenezuela registers monthly inflation of 1,4% in March

Venezuela registers monthly inflation of 1,4% in March

Venezuela registered a monthly inflation of 1,4% in March, the lowest figure since August 2012 when it was 1,1%, the Central Bank (BCV) reported on Wednesday, when it was 1,1%.

According to the BCV report, the lowest price variation in a decade was recorded, after the 2,9% reached in February.

With the March result, the accumulated variation at the end of the first quarter of the year stands at 11,4%, much lower than that obtained for the same period last year (127,8%).

The country has had a national consumer price index below 10% for seven months.

Annualized inflation stood at 284,4%, "less than a tenth of that observed in March 2021 (3.012,2%)," says the BCV report.

When disaggregating the results of the INPC by groups, it can be seen that 12 of the 13 categories present a smaller variation in March than that registered in February:

  • Communications, from 23,1% to 11,1%
  • Transportation, from 6,2% to 0,1%
  • Education services, from 17,5% to 12,2%
  • Alcoholic beverages and tobacco, from 2,2% to -1,3%
  • Leisure and culture, from 8,4% to 5,0%
  • Miscellaneous goods and services, from 4,6% to 1,4%
  • Restaurants and hotels, from 2,7% to 0,4%
  • Housing rental, from 2,5% to 0,5%
  • Home equipment, from 4,6% to 2,9%
  • Housing services, from 3,2% to 1,6%
  • Health, from 0,8% to 0,5%
  • Food and non-alcoholic beverages, from 1,1% to 1,0%.

The only group that showed an acceleration was Clothing and footwear, going from 0,4% to 1,9%.

According to some economic analysts, the reason that explains this evolution in prices is the economic strategy of President Nicolás Maduro, to relax controls on the economy, allow more operations in foreign currency, key to maintaining the stability of the exchange rate and prices. .