Venezuela registers 8.2% inflation in August

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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.

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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

The Central Bank of Venezuela (BCV) communicated on Tuesday (09) that the country registered an inflation of 8.2% in August, 0.7 percentage point above of the 7.5% reported by the entity in July.

With the new data provided by the BCV, the accumulated inflation in 2017 comes to 41,5%.

According to these data, August recorded the second highest inflation of the year in the country, behind June, when it reached ,4%.

The sector that increased the most in August was telecommunications, with an increase of 67, 8%, if guided by services and education, with 09, 5%; leisure and culture, with ,two%; health, with 9.2%; restaurants and hotels, with an increase of 8.4%; and domestic equipment, with 7.2%.

However, the Venezuelan Finance Observatory (OVF), an independent body made up of economic experts, put August inflation at

, 3%, 9.1 percentage points above that recorded by the BCV.

Last month’s inflation rate, calculated by OVF, is the highest so far this year , 2.8 percentage points above 10, 5% recorded in June.

The acceleration recorded by the observatory responds to the increase of 29% of the official dollar price, which has a direct impact on products and services, whose prices are mostly , pegged to the US currency.

Venezuela emerged last December from hyperinflation, in which it entered 1200 and which, for four years, reduced the value of the bolivar, the official currency, as well as citizens’ confidence in it. Therefore, the dollar was adopted unofficially as an attempt to protect income.

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