A person holds Venezuelan bolívar bills. Photo: Manaure Quintero/Bloomberg.
The Central Bank of Venezuela (BCV) reported in a press release that the inflation for October 2024 recorded a 4.0% increase compared to September, resulting from the month-to-month variation of the National Consumer Price Index (INPC). However, comparing this figure with the inflation rates in October of all years since the INPC was established in 2008, the October 2024 inflation is lower than that of October 2023 (5.9%) and the lowest since October 2012 (1.7%).
The BCV reported that in the last four years (2021-2024), significant progress has been made in price stabilization. Therefore, the month-to-month inflation for October 2024 continued to experience the downward trend observed for October since 2021.
In the same report, BCV added that the accumulated inflation from January to October 2024 stood at 16.6%, representing the lowest variation since 2012 (13.4%).
The National Consumer Price Index in the Metropolitan Area of Caracas (AMC) showed similar behavior. Between January and October, the accumulated variation of the INPC-AMC was 16.9%, the lowest since 2012 (13.9%).
Thus, the Venezuelan economy continues to experience a declining trajectory of inflation in the medium term despite the limitations of external resources and impediments posed by the unilateral coercive measures imposed by the United States and its allies.
(Últimas Noticias) by Randolf Borges
Translation: Orinoco Tribune
OT/SC/SF
