Venezuela’s inflation rate hit 6.2% in July, the same level as the prior month, according to central bank data.
Inflation was 121.3% in the first seven months of the year, according to “Reuters.”
The services sector saw the highest price increases, at 10.5%, followed by communications, which saw an 8.1% increase.
Meanwhile, annual inflation fell to 398.1% from 404.3% the previous month, keeping the region’s highest rate.
President Nicolas Maduro’s government has attempted to control inflation with severe economic measures such as cuts in public spending, credit restrictions, and foreign currency injections to maintain the Venezuelan peso.
The policy has struggled to slow inflation’s rise, and Venezuela’s bolivar has devalued more against the US currency, trading at approximately 30 bolivars per dollar today.