CARACAS, Oct 9 (Businesshala) – Venezuela’s inflation slowed to 7.1% in September compared with the previous month, when it closed at 19.8%, the country’s central bank said on Saturday, delaying three months to publish inflation data. said after.
September’s rise in consumer prices pushes Venezuela’s annual inflation to 1,945.9%, according to calculations by Businesshala, based on data released by the country’s Monetary Policy Authority, influencing citizens’ earnings and driving poverty.
Inflation slowed in September as the exchange rate with the US dollar stabilized, the Venezuelan Finance Observatory said in its monthly report published this week.
Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), has been hit by an economic crisis and four years of hyperinflation, leading to increased use of foreign currency for routine purchases at supermarkets and pharmacies.
President Nicolas Maduro’s government, which blames economic difficulties on US sanctions, has eased rules and indicated that transactions made with foreign currency are “escape valves”.
Critics argue that rising prices in Venezuela are due to the government printing more money to cover its budget deficit.
As per official data, inflation has stood at 531.2% in the last nine months.
According to data published by the central bank, the biggest inflation growth was seen in education, which grew by 13.5 percent and domestic supply grew by 11.6%. (Reporting by Myla Armas Writing by Oliver Griffin Editing by Vivian Sequeira and Chris Reese)