BCV announces that inflation closed at 1.3% in the first quarter of 2024

Published at: 04/04/2024 10:29 PM

The Central Bank of Venezuela reported that in the third month of the year, the cumulative variation of the month-on-month National Consumer Price Index (INPC) reached 1.2%, the lowest recorded in the country since August 2012, and the average reached 1.1%.

According to the latest report published by the BCV on its website, March is the thirteenth consecutive month with a downward or equilibrium trend, the issuing agency reported.

During the first three months, the price increase was 1.7%, 1.2% and 1.2 to barely exceed 1.3% quarterly.

The BCV indicated this Thursday that the sector that registered the highest increase in its prices last March was health, with an average increase of 1.6%, followed by food and non-alcoholic beverages, clothing and footwear and “miscellaneous goods and services”, with increases of 1.3%.

The fact of having three months to start the year with figures of less than two percentage points has only happened twice in the last 16 years: in 2012 and now in 2024.

In other words, this is the first time in the last 12 years that we have achieved a first quarter of the year with an inflation rate of less than 2% per month.

The results of the first quarter of this year reveal the correctness of the Government's policy of price stabilization and progressive reduction of inflation, which expects Venezuela to close this year with the lowest inflation in the last decade, as reported last March by President Nicolás Maduro, who said he had a plan to continue to slow down the pace of price growth.

The variation of the INPC by economic group or sector in February 2024 reflected an average slowdown in prices in all its categories, compared to March 2023.

Mazo News Team