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Inflation in Venezuela reaches 157% in 12 months, says Central Bank of the country

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O ditador do país, Nicolás Maduro, participa de evento com a Confederação Sul-Americana de Futebol (Conmebol), em Caracas (Venezuela), em julho de 2022.

The country’s dictator, Nicolás Maduro, participates in an event with the South American Football Confederation (Conmebol), in Caracas (Venezuela), in July .| Photo: EFE/ Rayner Peña

Inflation in Venezuela has reached 80% in 12 months in the measurement made in September by the Venezuelan Observatory of Finance (OVF), an independent entity of the Central Bank of the country, which released data on price evolution this Thursday.

Last month, inflation was ,5%, 5.8 percentage points lower than the August measure by the OVF. In relation to the accumulated in the first nine months of the year, the increase was 89,8%.

For the OVF, the general increase in prices, despite the slowdown in September compared to the previous month, it continues to show “a clear upward trend”.

The sectors with the biggest increases in September were education (23, 7%), household equipment (21, 6%), goods and services (15,7%) and food (14,5%).

“This acceleration of the inflation rate occurs in a context of significant intervention by the B CV (Central Bank of Venezuela) in the foreign exchange market to try to stabilize the exchange rate”, said the entity.

The OVF also reported that, in September, the value of the basic food basket for a family of five was US$ 111 (R$ 1947,41 at this Thursday’s exchange rate), an increase of 18,

% in relation to the same month in 2021.

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