Venezuela Inflation


Inflation maintains downward trend in October

In October, consumer prices rose 1.47% over the previous month, according to the consumer price index for the Caracas Metropolitan Region. The reading came in a notch above September's 1.34% price rise but was in line with market expectations. Nonetheless, annual inflation fell from 28.5% in September to 27.6% and thus remained below 30% for the second month in a row. The October price increase was mostly the result of higher prices for food (+1.91% month-on-month) and for transportation (+1.40% mom). Meanwhile, the core inflation index, which excludes volatile items such as fresh food, oil, and other goods where the government exercises price controls, rose 1.59% over the previous month, driving annual core inflation down to 29.0% (September: 29.7% year-on-year). Food prices are expected to drive inflation higher going forward, as on 8 November, the government approved a price increase of around 20% for rice and corn flour. The decision marked the first regulated food price increase since March, when the government raised prices for sugar, rice and chicken, pushing April's monthly consumer price increase to 5.22%.


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