HomeTop Global NewsVenezuelan Inflation Holds Steady at 6.2%

Venezuelan Inflation Holds Steady at 6.2%

Venezuelan inflation remained steady in July at 6.2%, central bank data published on Friday revealed. The country’s inflation remained at the same level as in June, with inflation for the first seven months of the year combined amounting to 121.3%.

Among the highest price hikes in the South American nation last month were in the services sector, which rose by 10.5%. This was followed by the communications sector, with an 8.1% increase. Annual inflation, according to Reuters calculations based on official figures, slowed from 404.3% in June to 398.1%. This keeps Venezuela’s inflation as the continent’s highest.

With the bolivar continuing to depreciate against the U.S. dollar adding to economic pressure, Venezuela’s government has struggled to reverse the upward trajectory of inflation in the South American nation. Among the actions that the Maduro administration has taken to curb inflation are cuts in public spending, credit restrictions, and the injection of foreign currencies into the local market in an attempt to stabilize the local currency. The bolivar recently traded at 30 for one U.S. dollar.

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