Venezuela and BCV flags at the BCV headquarters in Caracas. Photo: BCV.
The Central Bank of Venezuela (BCV) reported that in September 2024, the month-to-month variation of the National Consumer Price Index (NCPI) was 0.8%. The inflation rate in September thus fell from that of the previous month (1.4%).
According to the BCV report published on Friday, October 4, the inflation rate of September 2024 was the lowest for September since the NCPI was first used in 2008. This historic fall in inflation was achieved despite the multiple limitations on international financing and domestic resources due to the unilateral coercive measures imposed on Venezuela by the United States and its allies.
Moreover, the BCV reported that in the third quarter (July-September) of 2024, the accumulated inflation stood at 3%, representing the lowest since this index was first used on the national level in 2008. This decrease reflects that the stabilization of prices continues to move forward at a steady pace.
When compared to years prior to 2008, when the measurement was concentrated in the Metropolitan Area of Caracas (AMC), the accumulated variation between July and September of the current year was 3.1%. This is the third lowest value since 1986, when it was 2.4%, and 2007, when it was 2.9%.
The clear progress in price stabilization is the tangible result of the government’s new economic policy and the efforts of the Venezuelan people in an adverse situation where the Venezuelan economy remains barred from external financing and cannot access its own resources due to unilateral coercive measures. This progress has been achieved in the context of economic siege due to the criminal sanctions imposed on the country and its people and institutions.
Translation: Orinoco Tribune
OT/SC/SF
