Shortage in October near its peak in 53 months
Based on data recorded in September, shortage in October hiked 2.5 points
This figure is surpassed only by a 16.2% leap reported early in January. Meanwhile, the highest rate was recorded in 2008, at 16.3%. At that time, the indicator was slowing down after a historic peak (24.7%) in January 2008.
Shortage is measured by the BCV based on the National Consumer Price Index (INPC) with figures from Caracas, the capital of Venezuela. It is defined as the percentage of goods that cannot be found on the market regardless of their presentation.
When considering September data, it is evident that shortage grew 2.5 points. In other words, consumers found two and a half times fewer products in October with respect to September.
Economist and central bank's former research manager José Guerra explained that said increase in shortages is mainly due to the number of restrictions in the delivery of US dollars by the Foreign Exchange Administration Commission (Cadivi).
Translated by Jhean Cabrera
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.