BCV reports 1% inflation in June
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Loading... - Bryce Landry
- 12 Jul 2024
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The Central Bank of Venezuela (BCV) has reported a significant decrease in inflation for June 2024, registering a rate of 1%, compared to 6.2% in the same period last year. For the first half of 2024, accumulated inflation rose to 8.86%, while the year-over-year increase for the last 12 reported months was 51.37%.
In contrast, the Venezuelan Financial Observatory (OVF), an independent entity, estimated a higher inflation rate of 2.4% for June. According to the OVF, the cumulative inflation for the first half of the year was 18.1%, with an annual inflation rate of 68%.
The sector experiencing the highest inflation in June was Food and Non-Alcoholic Beverages, which saw a 1.5% increase. This sector was the only one to surpass the general average inflation rate, followed by Education services, which increased by 1.1%.
For the first half of the year, the cumulative variation in Food and Non-Alcoholic Beverages was 8.85%, with a year-over-year variation of 47.91%. Education services reported a cumulative increase of 11.01%, significantly higher than the average, with an annual increase of 84.56%.
Conversely, Housing services (excluding Telephone) recorded the smallest variation, at 0.1%. Other sectors with low increases included Restaurants and Hotels (0.3%), Household Equipment (0.4%), Housing Rental (0.4%), Alcoholic Beverages and Tobacco (0.4%), Transport (0.5%), and Recreation and Culture (0.5%).
These figures highlight the ongoing challenges in Venezuela's economic landscape, with varying inflation rates reported by different monitoring entities and significant disparities among different sectors of the economy.
