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Inflation

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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Venezuela: The Political Economy of Inflation and Investment Strikes

A Venezuelan market (SIBCI)

This paper adopts a Marxian class analysis to dispute the orthodox critique of high inflation in contemporary Venezuela. It draws a parallel between the 2002-03 oil industry lock-out and the capital strike in the Venezuelan foodstuffs industry today. In each case, capital has suspended production to bid up the price of basic goods and create widespread shortages.

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Venezuela's Maduro Increases Minimum Wage by 10%

Maduro (centre) announcing the minimum wage increase yesterday (Luis Bobadilla)

Yesterday President Nicolas Maduro announced a new minimum wage increase of 10%, to be applied as of this month.

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Venezuelan Government to “Establish New Economic Order” Next Year after 56.2% Inflation in 2013

A BCV graph showing the relationship between the scarcity index and various key political events; the oil lock out, the 2007 ref

Inflation in Venezuela was high in November, but has also consistently decelerated since October. Nevertheless, President Nicolas Maduro said that next year the government will “revise” key aspects of the economy in order guarantee that it is “at the service of the people”.

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