Venezuela's July inflation stands at 1%

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