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Inflation

Venezuela’s PDVSA Discusses Sale of Citgo as Central Bank Reports Drop in Inflation

A Citgo gas station in Chicago, USA. (Wikimedia Commons/Sdi-jr)

Yesterday the Venezuelan Central Bank reported that inflation has dropped steadily from 5.7% in May of 2014 to 3.9% in the month of August, representing 63.4% accumulated inflation since August of last year. Now under new management, state-owned oil and gas company PDVSA is reportedly seeking US$10 billion dollars for the sale of the Citgo Petroleum Corporation.

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Venezuelan Biometric System Sees Positive Results amid Opposition Boycott

A biometric scanner. (quepasa.com)

Now installed in 11 major supermarket chains nationwide, the biometric system initiated by the Venezuelan government to combat scarcity has produced immediate results. 

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Venezuelan Voices, Part I: An Economic Spiral

On the border between Brazil and Venezuela, if you don't want to wait on the long gas station lines, you can fill up your t

As international media plays its favorite old game of lambasting the Venezuelan government, long-time observers of the Bolivarian process may be wondering how much truth lies in the prime-time reports depicting empty shelves, long lines and charts showing catastrophic inflation. How precarious is Venezuela’s current economy and, more importantly, how much are the effects of this felt by the Venezuelan people?

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Major Airlines to Regulate Fares in Venezuela as Transport and Oil Costs Rise

Airline representatives in discussion in Venezuela. (@RMarcoTorres)

Yesterday Venezuelan Air and Maritime Transport Minister, Herbet Garcia Plaza, announced the government had reached an agreement with representatives of leading international airlines to regulate the cost of air travel to and from the country.

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Political Violence Stokes Inflation in Venezuela, Says Central Bank

The BCV has warned that inflation could continue to rise, following a four month high of 4.1% increase in March. (Archive)

Venezuela’s central bank has blamed political violence for the highest monthly inflation rate in four months.

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On Respect for Facts about Venezuela in the UK Guardian and Elsewhere

(Julian Simmonds)

It took a lot of prodding but I finally got the UK Guardian to correct an error in an article about Venezuela by Virginia Lopez. She had written that anti-government protesters were venting their rage at, among other things, “hyperinflation”.

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Venezuelan Central Bank Reports “Significant Deceleration” in Inflation

Ramirez has stated that Sicad II has already strengthened the bolivar on the black market, before it's even operating. (AVN

Venezuela's central bank has reported a slowdown in inflation, while vice-president of the economy Rafael Ramirez has claimed the country's latest currency exchange system has already decreased the value of the dollar on the black market – before it's even operational.

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Venezuela's New Currency Exchange System Based on “Supply and Demand”

Currency controls have been in place in Venezuela since 2003 (Venezuelanalaysis)

A third currency exchange system has been introduced in Venezuela in efforts to stabilise the value of the bolivar, called Sicad II, which will facilitate daily currency auctions at prices determined by “supply and demand”, according to Vice President for the Economic Area Rafael Ramirez.

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Real News/Wilpert Part 2: Why is Inflation So High in Venezuela?

Caracas (Gloria Rodríguez)

Attempting to build socialism surrounded by a global capitalist economy and being reliant on oil revenues, Venezuela is struggling to find a solution to capital flight and exchange rate problems 

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Inflation and Shortages Remain High in Venezuela

A breakdown of January's inflation by sectors (BCV)

Inflation and shortages remained high in January according to a report by the Venezuelan Central Bank (BCV), however levels of food shortages have decreased.

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