Venezuela’s consumer price growth accelerated in May, hitting 6.5%, below the 4.4% registered in April, according to data from the central bank.
By Reuters – Mayela Armas Writing
Jun 16, 2022
Inflation has risen in the last two months due in part to the depreciation of Venezuela’s bolívar against the dollar, analysts say.
As a result the country’s 12-month inflation rate at the end of April was 167.15%, according to Reuters calculations based on statistics published by the monetary policy authority.
Accumulated inflation in the first five months of the year hit 23.9%, according to official statistics.
In addition to the falling value of the bolivar, prices were also affected by higher costs of imported raw materials, the non-governmental Venezuelan Observatory of Finance said earlier this month.
The sector most hit by inflation was education services, which rose 15.7%.
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Read More: Reuters – Venezuela inflation in May was 6.5% -central bank
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