Venezuela - Inflation (end of period)
Inflation continues rising in June
The available evidence continues to point to sky-rocketing inflation in crisis-hit Venezuela. Although no official data has been released this year, LatinFocus Consensus Forecast panelists estimate that inflation has worsened from December 2014’s 68.5% (the last month for which official data are available) in the first half of 2015. The panel estimates that inflation jumped in June, from May’s 117.6% to 126.4%. If confirmed, June’s result would mark a multi-year high.
A sharp drop in the price for oil, which accounts for the vast majority of Venezuela’s dollar income, has aggravated dollar and basic goods shortages that is fueling inflationary pressures. On top of this, the government maintains a complex system of exchange rates – with the official pegged at 6.3 VEF per USD and large fuel and electricity subsidies which adds pressure on the government’s finances and intensifies dollar shortages. LatinFocus Consensus Forecast panelists see inflation remaining elevated in the coming months and expect inflation to end the year at 144.5%, which is up 4.4 percentage points from last year’s forecast. For 2016, the panel foresees inflation easing to 104.3%.
Venezuela - Inflation (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||27.2||27.6||20.1||56.2||68.5|
5 years of economic forecasts for more than 30 economic indicators.
Venezuela Inflation (eop) Chart
Source: Venezuela Central Bank and FocusEconomics calculations.
|Bond Yield||5.50||186.8 %||Aug 19|
|Exchange Rate||6.30||0.0 %||Aug 25|
|Stock Market||14,876||-0.32 %||Aug 25|
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August 10, 2015
Annual car sales fell 8.8% over the same month last year and totaled 1,446 units in July, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela).
August 10, 2015
In July, the average price of Venezuela’s mix of crude oil declined 12.4% over the previous month, falling from USD 56.4 per barrel in June to USD 49.4 per barrel.
August 7, 2015
The bolivar traded in the parallel market tumbled in recent weeks, continuing the downward trajectory that has been in place for the past year.
August 6, 2015
The available evidence continues to point to sky-rocketing inflation in crisis-hit Venezuela.
July 14, 2015
In June, the average price of Venezuela’s mix of crude oil recorded zero growth over the previous month, remaining at May’s price of USD 56.4 per barrel.