Inflation

Consumer prices rose faster last month than they have for three years, with the cost of food bearing the brunt of a surge in inflation.

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No devaluation is socially neutral, because of the dragging effect, where what Marx said is verified: all traders are potential speculators.

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There has been much debate in Venezuela over the causes and likely consequences of last Friday’s currency devaluation, while the concrete political and economic impact remains to be seen.

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Venezuelan President, Hugo Chavez, announced positive economic figures last week to suggest that the Venezuelan economy is in a healthy state.

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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.

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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.

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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.

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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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