07/16 Closing Prices / revised 07/17/2024 08:15 GMT |          07/16 OPEC Basket  $84.44   -$0.87 cents 07/16 Mexico Basket (MME) $74.97   -$1.06 cents  | 06/31 Venezuela Basket (Merey)  $69 23   -$1.22 cents| 07/16 NYMEX WTI  August CLQ24  $80.76 -$1.15 cents  | 07/16 ICE Brent Sept  BRNU24 $83.73 -$1.12 cents  | 07/16 NYMEX Gasoline Aug RBQ24 $2.48 -0.6 %  |  07/16 NYMEX  Heating Oil  Aug  RBQ 24   $2.47  -1.8% | 07/16 Natural Gas August NGQ 24    $2.19 +1.4%  | 07/12 Active U.S. Rig Count (Oil & Gas)    584  -1  | 07/17 USD/MXN Mexican Peso   17.6789 (data live)  | 07/17 EUR/USD   1.0910 (data live)  | 07/17 US/Bs. (Bolivar)   $36.5060000 (data BCV)

Venezuela’s Inflation Accelerates for First Time Since January – Bloomberg

  • Consumer prices rose 5.1% on the month in May: central bank
  • Communications and health care posted biggest monthly gains
The Prados del Este highway in Caracas, Venezuela, on Friday, April 14, 2023. The Caracas restaurant boom once hailed as a sign that the beleaguered economy was on the upswing has fizzled, with many businesses shutting their doors.
The Prados del Este highway in Caracas, Venezuela, on Friday, April 14, 2023. The Caracas restaurant boom once hailed as a sign that the beleaguered economy was on the upswing has fizzled, with many businesses shutting their doors.(Gaby Oraa/Bloomberg)

Fabiola Zerpa, Bloomberg

CARACAS
EnergiesNet.com 06 20 2023

Venezuela’s inflation sped up in May, snapping a three-month slowdown despite signs of economic weakness and declines in activity. 

Consumer prices rose 5.1% in May, according to data from the central bank released on Monday. Communications costs rose 13.1% on the month while health costs gained 7.5%, representing the biggest increases in the index. 

Venezuela’s economy has slowed in recent months as the government cracks down on rampant corruption within its oil industry, its biggest source of foreign revenue. Activity picked up last year following a near 80% contraction after President Nicolas Maduro loosened long-held controls on foreign exchange and prices, allowing the US dollar to freely trade in the country.

In the past, Maduro’s government has resorted to money printing to make up for lackluster economic growth, fueling inflation and further debilitating its currency. 

Read more: Venezuela Makes Long-Shot Bid to Revive Ruined Economy With Gas

Monthly inflation stood at 42.1% in January, 19.3% in February, 6.1% in March and 3.8% in April, according to central bank data.

The central bank’s May inflation reading compares to 7.6% as calculated by the opposition-led Finance Observatory research group, up from 2.5% in April.

bloomberg.com 06 09 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top