Venezuela inflation in July 3.2% and 42.6% in the last twelve months

Wednesday, August 7th 2013 - 14:12 UTC

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However according to the Central bank food prices in July slowed substantially

Venezuela consumer prices last month rose at the fastest pace since the index was created in 2008 amid worsening shortages of staple goods such as meat, sugar and milk. Prices rose 42.6% in July from a year earlier and 3.2% in the month, the central bank said in an e-mailed statement on Tuesday.

“With this result, the consumer price index accumulated a relative increase of 29.0% in the first seven months of 2013, which is 8.6 percentage points recorded the same term last year. Likewise annual variation for July 2013 was 42.6% higher than 19.4% in July 2012” said the release.

However apparently there was good news since ‘particularly regarding food prices, the inter-monthly variation in July (2.4%) slowed substantially for the second month in a row, following rates of 10.0% and 5.8% in May and June, respectively”.

New currency auctions have failed to offset a shortage of dollars that is fuelling one of the fastest inflation worldwide. The central bank’s scarcity index rose to 19.4 in July from 19.3 in June, meaning that one of every five staple goods is out of stock at any given time.

The central bank sold about 400 million dollars to importers and individuals under a new auction system started last month to damp price pressure. Companies that are unable to access dollars at the official rate pay five times as much on the black market, passing the price premium to customers.

Categories: Economy, Venezuela.

Tags: Venezuela Central Bank, Venezuela inflation rate.

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Sergio Vega
Well done, Mr. Más - Duro (Hard - er)......You are doing the best for your people.....even better tan Huguito....!!!
Poor Venezuelan, but is their own fault to have this ignorant beast as president and all the gang that help him to sink the country....
Some day, probably too late, they will get they did the worse fault they could...then the way back will be almost impossible ....
Aug 07th, 2013 - 03:51 pm 0
JoJo
Sounds like paradise, pity “the messiah” isn't around anymore to revel in this glorious news :) He could go and break some bread and do soemthing with fishees too.
Aug 07th, 2013 - 03:51 pm 0
Klingon
Looks like the botox hag has something to strive for to be #1.
Aug 07th, 2013 - 04:19 pm 0

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