The sectors that registered the greatest increases in the last month of the year were clothing and footwear, with an increase of 57.8%; followed by household equipment, with an increase of 55.8%; restaurants and hotels, with a rise of 55.4%; and recreation, which increased by 53.9%, always according to the OVF.
The entity warned that the “pronounced accelerations in inflation that have been registered since September 2022 could” put the country’s economy “in danger of a hyperinflationary outbreak, which is gaining strength with the sustained devaluation of the bolivar.”
The local currency, the bolivar, closed last year with a 73% devaluation against the dollar compared to December 30, 2021, after the price of the US currency -used to set the prices of most products in the nation – will increase by 280% in that period in the official market.
The Central Bank of Venezuela (BCV), the only official issuing entity with competence to report on the behavior of inflation, has not reported this data since October of last year, when it closed at 6.2%.
According to the BCV, accumulated inflation in the first 10 months of 2022 was 119.4%.
Venezuela, which had a price increase of 130,060% in 2018, officially came out of hyperinflation in December 2021 by adding 12 months with a rate below 50%.
Source: Ambito
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