Inflation in Venezuela slows to 2.9% in February


The National Consumer Price Index of Venezuela registered a variation of 2.9% in February, which is the lowest record in eight years, according to data published by the Central Bank of the country.

This is the sixth consecutive month in which inflation in Venezuela registers an advance of less than two digits. The data represents a significant decrease with respect to January inflation, when the month-to-month CPI reached a level of 6.7%.

The clothing and footwear group was the division where prices increased the least (0.4%), followed by food and non-alcoholic beverages (1.1%) and alcoholic beverages and tobacco (2.2%). In contrast, the communications group (23.1%) was the one that registered the highest inflation during the month.

For its part, the Venezuelan Finance Observatory, an economic organization linked to the opposition that regularly publishes data on inflation, has indicated that prices advanced at a monthly rate of 1.7%, leaving an accumulated variation of 6.6 % so far in 2022. In the year-on-year change, inflation rose by 246%.

The Latin American country ended its hyperinflationary spiral last December after accumulating twelve consecutive months with variations of less than 50%.

Last week, the president of Venezuela, Nicolás Maduro, announced an increase in the minimum wage from 7 bolívares to 126 bolívares, which is equivalent to about 27 euros at the current exchange rate.

However, the Observatory has indicated that the cost of the food basket reached 353 dollars in February, for which the minimum wage is only equivalent to 8% of the basic purchase of food.