Venezuela's July inflation stands at 1%
Venezuelan Ministry of Finance said that the accumulated price fluctuation amounted to 8.6% in the first half of the year while the yearly inflation rate stood at 19.4%
Venezuelan Minister of Finance Jorge Giordani informed on Tuesday that July inflation rate stood at 1%.
The minister also stated that price fluctuation amounted to 8.6% in the first half of the year while the yearly inflation rate stood at 19.4%.
Giordani underscored that the results are far below the figures expected for this year.
He also outlined that the price of basic products such as food and non-alcoholic beverages slowed down, standing at 0.2% in July.
For his part, the president of the Central Bank of Venezuela (BCV), Nelson Merentes, stated that the accumulated inflation rate shows a downward trend in terms of price. In 2010, the accumulated inflation rate in the first seven months amounted to 18%, and in 2011 it stood at 16%.
"A one-digit inflation rate has not been reported in Venezuela since 1986," said Merentes.
The BCV added that shortage in July was higher (14.2%) in contrast with June (11.7%), while the product diversity index declined from 173.2 to 162.8."
Translated by Jhean Cabrera
The very early morning after the presidential election (April 15), both candidates requested the National Electoral Council (CNE) to conduct a full audit of the process: one, Henrique Capriles, because he asserts that the election results are different from the ones announced, and the other one, Nicolás Maduro, in order to clear any doubt regarding his victory, and to reinforce his political stance. Nevertheless, as it is already known, President Maduro changed his mind.