Venezuela: Inflation picks up in September
October 9, 2012
In September, the consumer price index for the Caracas Metropolitan Region rose 1.92% over the previous month, which nearly doubled the 0.97% rise tallied in August and marked, in fact, the largest monthly gain since November 2011. However, the print was below Consensus Forecast panellists' expectations that had prices rising 2.46%. The monthly price increase mainly reflected higher prices for education, transportation as well as for food and non-alcoholic beverages. Building on the strong monthly print, annual headline inflation rose from 18.6% in August to 19.1% in September, thereby breaking a downward trend in place since January. Meanwhile, the core inflation index, which excludes volatile items such as fresh food, oil and other goods subject to government price controls, rose 1.52% over the previous month, up from the 1.06% increase tallied in August. Nonetheless, annual core inflation remained stable at August's 21.7%.