News: Economy
Venezuela’s Monthly Inflation and Unemployment Rates Drop
Mérida, March 6th 2009 (Venezuelanalysis.com) -- Monthly inflation in Venezuela dropped to 1.3% in February from 2.3% in January, an indication that last year’s high rate of monthly inflation may be coming under control. Also, the unemployment rate in January was 9.5%, a decrease from what it was at the beginning of 2008 but represents a typical seasonal increase since December.
Food prices, after inflating by more than 35% over the course of the world food crisis last year, did not increase in the month of February. Rents rose by just 0.4%, health care costs rose by 2.8%, and transportation costs rose by 2.2%, according to the National Institute of Statistics (INE).
The deceleration of inflation occurred in all ten of Venezuela’s principal cities. February’s inflation rate was the lowest registered since January of 2008, when the INE expanded the number of prices, establishments, and cities taken into account in its inflation measurement.
February’s inflation rate brings the total inflation over the past twelve months to 25.6%. Inflation peaked last May at 3.2% for that month.
January’s unemployment rate of 9.5% showed improvement compared to the 10.2% unemployment in January 2008. It is also significantly lower than the 16.6% unemployment in January of 1999, the year President Hugo Chávez took office, and it is a sharp drop from the peak of 19.1% unemployment following the management-led oil industry shutdown, an intentional sabotage of the economy, that ended in early 2003.
However, January’s unemployment rate is an increase from the 6.1% unemployment in December of 2008, which is typical for Venezuela’s seasonal fluctuations in its unemployment rate, which tends to jump significantly between December and January every year. Last year, unemployment averaged 7.4%.
Venezuela has set a goal of 15% inflation for 2009, and plans to maintain its social programs, stimulus to small and medium sized enterprises, and investments in infrastructure and the agricultural sector, in order to increase employment.
Food prices, after inflating by more than 35% over the course of the world food crisis last year, did not increase in the month of February. Rents rose by just 0.4%, health care costs rose by 2.8%, and transportation costs rose by 2.2%, according to the National Institute of Statistics (INE).
The deceleration of inflation occurred in all ten of Venezuela’s principal cities. February’s inflation rate was the lowest registered since January of 2008, when the INE expanded the number of prices, establishments, and cities taken into account in its inflation measurement.
February’s inflation rate brings the total inflation over the past twelve months to 25.6%. Inflation peaked last May at 3.2% for that month.
January’s unemployment rate of 9.5% showed improvement compared to the 10.2% unemployment in January 2008. It is also significantly lower than the 16.6% unemployment in January of 1999, the year President Hugo Chávez took office, and it is a sharp drop from the peak of 19.1% unemployment following the management-led oil industry shutdown, an intentional sabotage of the economy, that ended in early 2003.
However, January’s unemployment rate is an increase from the 6.1% unemployment in December of 2008, which is typical for Venezuela’s seasonal fluctuations in its unemployment rate, which tends to jump significantly between December and January every year. Last year, unemployment averaged 7.4%.
Venezuela has set a goal of 15% inflation for 2009, and plans to maintain its social programs, stimulus to small and medium sized enterprises, and investments in infrastructure and the agricultural sector, in order to increase employment.
Published on Mar 7th 2009 at 1.52pm
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Comments
Unemployment Rate
Thanks for sharing this! Unemployment rates increased in other parts of the world especially in the USA since the recession begun. Unemployment isn't pleasant to think about, and is very unpleasant to endure. Some people wonder just where unemployment is the worst. Well, I can tell you which cities that unemployment is the highest in the U.S. El Centro, in southern California, has 25.1% unemployment. (To be fair, most work there is seasonal agriculture.) Merced, California, is just over 20%. Yuba City, also California, sits at 19.5%. The only non California city hit with high joblessness is Elkhart-Goshen, Indiana, with 18.8%of people living off credit cards during this recession. California's stats are inflated due to seasonal unemployment, as it revolves around farming. Still, that's a lot of people that can't get payday loans due to unemployment.
Well, I can tell you which
Well, I can tell you which cities that unemployment is the highest in the U.S. El Centro, in southern California, has 25.1% unemployment. (To be fair, most work there is seasonal agriculture.) Merced, Cheap cialisCalifornia, is just over 20%. Yuba City, also California, sits at 19.5%. The only non California city hit with high joblessness is Elkhart-Goshen, Indiana, with 18.8%of people living off credit cards during this recession.