Venezuela Inflation


Inflation continues to slow in November

In November, the consumer price index for the Caracas Metropolitan Region rose 2.01% over the previous month, which was above the 1.72% increase tallied in October. That said, the print undershot Consensus Forecast panellists' expectations that had prices rising 2.17%. The monthly price increase mainly reflected higher prices for alcoholic beverages and tobacco as well as for food and non-alcoholic beverages.

Despite the monthly increase, annual headline inflation fell from 18.5% in October to 18.2% in November, which represents the lowest reading observed since October 2007. Meanwhile, the core inflation index, which excludes volatile items such as fresh food, oil and other goods subject to government price controls, rose 2.32% over the previous month, up from the 1.41% increase tallied in October. As a result, annual core inflation remained stable at October's 20.8%. According to the 2013 budget, the Venezuelan government expects inflation to end the year between 14% and 16% next year.

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Venezuela Inflation Chart

Venezuela Inflation November 2012

Note: Annual and monthly variation of consumer price index in %.
Source: Venezuela Central Bank.

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