Venezuela inflation in May was 6.5% -central bank

 

Venezuela’s consumer price growth accelerated in May, hitting 6.5%, below the 4.4% registered in April, according to data from the central bank.

By Reuters – Mayela Armas Writing

Jun 16, 2022

Inflation has risen in the last two months due in part to the depreciation of Venezuela’s bolívar against the dollar, analysts say.

As a result the country’s 12-month inflation rate at the end of April was 167.15%, according to Reuters calculations based on statistics published by the monetary policy authority.

Accumulated inflation in the first five months of the year hit 23.9%, according to official statistics.

In addition to the falling value of the bolivar, prices were also affected by higher costs of imported raw materials, the non-governmental Venezuelan Observatory of Finance said earlier this month.

The sector most hit by inflation was education services, which rose 15.7%.

Read More: Reuters – Venezuela inflation in May was 6.5% -central bank

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