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Venezuela Inflation Slows to Lowest Since Oct 2024
8 Jun
Summary
- Inflation in Venezuela decreased to 6.3% in May, the lowest since October 2024.
- April saw a higher inflation rate of 10.6% before the recent slowdown.
- Government dollar sales are believed to be supporting the bolivar's stability.
Venezuela's central bank reported a notable slowdown in inflation, with May's consumer price index rising by 6.3%. This figure represents the lowest inflation rate recorded in the country since October 2024. The previous month, April, had shown a significantly higher inflation rate of 10.6%.
This recent decline is being attributed to the government's robust interventions in the foreign exchange market. Through substantial sales of U.S. dollars, authorities aim to support the value of the national currency, the bolivar.
The central bank's data indicates that these efforts to prop up the bolivar may be successfully mitigating inflationary pressures. The slowdown suggests a potential shift towards greater economic stability.
