Shortage in October near its peak in 53 months

So far this year, shortage as measured by the Central Bank of Venezuela (BCV) has recorded ups and downs. In October, it reached 16.1%, the second highest rate over the last 53 months.

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). 

enmarcano@eluniversal.com

Translated by Jhean Cabrera