Venezuela’s Consumer Price Index (INPC) climbed to 13.6% in August from the 7.2% registered in the previous month, as inflation stands at 422% year-over-year, the lowest figure so far this year.
“After accumulating four months of decline between February and June, inflation in Venezuela increased again in July, to now fall to levels not seen in the first eight months of 2023,” according to data managed by the Venezuelan Observatory of Finance (OVF).
Among the sectors that registered the greatest increases, communications services stand out with a monthly increase of 26.7%, particularly internet service and mobile telephony. Other groups that reflected price increases were food, standing at 8% monthly, double that registered in the month of July; transportation (9.9%); education (9.4%); and housing rental (10%).
“This behavior of inflation in August occurred in a context in which the exchange rate of the bolivar against the dollar increased by 8.3% in the parallel market while the exchange rate of the official dollar rose by 10.5%,” the Venezuelan Observatory of Finance explained.
