Venezuela’s accumulated inflation reaches 48.4%

The Central Bank of Venezuela (BCV) informed on Monday, August 15, that the accumulated inflation for 2022 is 48.4%, based on the National Consumer Price Index indicator.

Despite the accumulated figure, the BCV reported a decrease in inflation in July by registering 7.5%, compared to the 11.4% reported in June.

June has been the month of the year with the highest inflation in the South American country.

In previous years, Venezuela suffered from an extensive economic crisis characterized by a tough contraction of the national income and a hyperinflationary process that has been halted in the last months.

Caracas has reported that the economic crisis is a direct consequence of the unilateral coercive measures of the United States against Venezuela, which have translated into sanctions against the entire Venezuelan economic apparatus, with special emphasis on PDVSA.

Despite the accumulated inflation, the South American country reports a marked decrease compared to previous years. Different financial organizations foresee Venezuela’s economic growth of at least 5% in 2022.

In recent days, President Nicolás Maduro informed that his country is experiencing “a growth of the real and productive economy, independent from oil income” and assured that during the first semester of the year, the economy has grown above double digits.

Maduro also assured that his country would close the year with good growth figures and asserted that this is the first of several years of growth and expansion of the economy.

The Economic Commission for Latin America and the Caribbean (ECLAC), a United Nations organization, forecasts a 5% growth in the Venezuelan economy for this year.

With information from Xinhua

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