Shafaqna English– Data released by Venezuela’s central bank on Friday indicates a significant reduction in the inflation rate for August. The rate, which had reached 19.9% in July, dropped to 8.9% in August – representing a decline of over 55% in monthly inflation for this South American nation.
This relative improvement could signal partial success of new economic policies or reduced currency pressures in the market, though it remains too early for definitive conclusions.
Despite the relative reduction in monthly inflation, Venezuela’s annual inflation rate remains at an alarming level. According to Reuters calculations based on central bank data, the year-on-year inflation rate stands at 534.21%, indicating that prices have more than quintupled over the past year. While this figure may be lower than Venezuela’s historical inflation peaks, it still ranks among the highest inflation rates in the world.
Source: Reuters