Inflation

Venezuela's economy grew 5.6% in the first quarter of 2012 confirmed planning and finance minister Jorge Giordani and Venezuelan Central Bank (BCV) president Nelson Merentes on Thursday.

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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.

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Venezuela’s national minimum wage is to increase 32.25% in 2012, announced Venezuelan President Hugo Chavez on Saturday.

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Venezuela’s monthly rate of inflation as measured by the National Consumer Price Index (INPC) was 1.1% in February this year, the lowest since the current system of measuring inflation with national coverage began at the start of 2008.  The Venezuelan government argues that policies to meet social needs and boost domestic production are a key factor behind the new figures.

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The Law for Fair Costs and Prices, which aims to stabilise prices, guarantee access to goods, and to attack inflation, currently at near 26% per year, came into effect.

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In local opposition and international mass media inflation is the buzzword, and because of it, Venezuela is clearly a mess, life is hopeless, and the government has got to go. Yet is inflation really the big evil it’s made out to be? How much does it impact on the lives of Venezuelans? How much worse is it, really, under Chavez, and what is the government trying to do about it and the food situation?

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Yesterday Venezuelan President Hugo Chavez used his standing legislative authority to sign into law a new price control mechanism aimed at putting an end to speculation and hoarding. 

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Speaking at a press conference on Tuesday, Nelson Merentes, President of the Venezuelan Central Bank (BCV), confirmed that the percentage change for inflation in the country at the end of April 2011 was 1.5% – indicating a considerable reduction from the April 2010 reading of 5.2%.

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The Venezuelan government eliminated the preferential exchange rate of 2.6 bolivars per dollar on January 1 following a report by the Central Bank of Venezuela (BCV) that projected 2% growth and reductions in inflation and unemployment in 2011 as Venezuela emerges from recession. 

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According to monthly statistics from the Venezuelan National Institute of Statistics (INE), inflation for last month was down, unemployment has increased slightly and overall accumulated inflation for this year is slightly higher than last year.

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