A view of the façade of the Central Bank of Venezuela. File photo.
The Central Bank of Venezuela (BCV) reported that in July 2024, the inter-monthly variation of the National Consumer Price Index (NCPI) in Venezuela was 0.7%, the lowest so far this year and the lowest for any month since this index was first launched in 2008.
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In a post on social media on Friday, August 8, the BCV explained that in the last three months, the accumulated inflation stood at 3.2%, the lowest since this index was first used, thus reflecting “that the process of price stability is gaining strength.”
Compared with years prior to 2008, when the measurement was concentrated in the Metropolitan Area of Caracas, the accumulated variation between May and July of the current year would have been 3.1%. “It represents the lowest value since 1985 (1.1%). The current inflation results are similar to those recorded four decades ago,” BCV reported.
“The clear progress in price stabilization is the visible result of the new economic programs and the efforts of all Venezuelans,” the report highlighted.
Translation: Orinoco Tribune
OT/SC/SF
