Elias Eljuri, president of the National Statistics Institute (INE) said Venezuela’s inflation is likely to be 18% this year, taking into consideration the variations that Venezuela’s economy is usually subject to between October and December.
By Mark Weisbrot and Jake Johnston- CEPR, Oct 3rd 2012
Venezuela’s current growth is generally described as unsustainable, with various negative scenarios put forth, including spiraling debt, inflation, and balance of payments crises. However, these pessimistic forecasts have been far off the mark for most of the past decade. This paper looks at the available economic data to see if Venezuela’s economic recovery could be sustained, or even accelerated.
Venezuela’s accumulated inflation for the first seven months of this year stands at 8.6% , down from 16% during the same period last year, and where annual inflation has averaged 26% per year since 1999.
Venezuela’s National Consumer Price Index recorded a 0.8% inflationary increase in April, which represents a decline in inflation for the fifth month in a row, informed Finance Minister Jorge Giordani during a joint press conference with the president of the Venezuelan Central Bank, Nelson Merentes.