August inflation was 2.63% in bolivars and 1.77% in dollars

The most recent inflation report from Cedice Libertad’s Public Spending Observatory (OGP) indicates that between August 1 and 30, 2024 prices of goods and services They increased by 2.63% in bolivars and 1.77% in dollars.

He Report notes that by August 30, “the average consumption of 61 goods and services by a family of three people in Caracas, Maracaibo and Valencia reached the value of 22,221.04 bolivars/month. This level of consumption requires 4.54 integral salaries of 4,885.4 bolivars, that is, a little more than one integral salary per week. The same basket purchased in US dollars reached the value of US$606.93/month.”

Cedice Libertad: Annual inflation in dollars is on the rise

The year-on-year price variation between August 2023 and 2024 was 38.03% in bolivars and 20.96% in dollars.

The Cedice Libertad OGP report states that year-on-year inflation in dollars is on the rise as the gap between the exchange rate set by the Central Bank of Venezuela and the parallel exchange rate widens, “in a context where formal trade is forced to transact at the BCV rate, which implies an increase in prices expressed in foreign currency to compensate for the exchange gap and thus match prices set in bolivars, in addition to adjusting to market reality.”

Inflation by category between August 2024 and August 2024 was as follows:

• Transportation: +80.83 Bs, + 58.34 $
• Services: + 49.22 Bs, + 30.72 $
• Perfumery and personal care: +42.8%, +25.2%
• Food: +34.23 Bs, + 17.64 $
• Restaurants: +$15.44, +$1.22
• Recreation and leisure + 7.54%, -5.76 $

Monthly inflation August 2024

The average monthly consumption is broken down by category as follows:

• Food: +2.5% Bs, +1.59 $
• Restaurants: +4.01% Bs, +3.3% $
• Services: -0.06 Bs, -0.82% $
• Recreation: +0.8 Bs, +0.04 $
• Perfumery and personal care: +13.79% Bs, 12.78% $
• Transportation: +4.4% Bs, + 3.53% $

Regarding the cost of the Cedice Libertad basic basket by city, the OGP research indicated:

• Caracas: Bs 25,486, 696$
• Maracaibo: 23,086 Bs, 630,$
• Valencia: 18,090 Bs, 493 $

Percentage inflation variation by city August 2024:

• Caracas: +0.48% Bs, +0.45% $
• Maracaibo: +3.9% Bs, +1.73 $
• Valencia: +4.13% Bs, +3.76$

Have you noticed an increase in food prices in the last month? According to the Public Spending Observatory, during the month of July food prices in bolivars increased by 7.27% compared to the previous month. #Economy #Inflation #Prices #Venezuela #Food

— Cedice Libertad (@CEDICE) September 11, 2024