(Caracas) Venezuelan year-on-year inflation fell to 59.2% in May, confirming a trend of recent months, although it continues to be one of the highest in the world, the Central Bank revealed on Friday of Venezuela (BCV).
“The annualized variation […] stood at 59.2%, the lowest value since February 2014 (-57.3%). All measures indicate that inflation continues to fall,” specifies the BCV, which does not regularly publish figures.
Venezuela recorded inflation of 189.8% in 2023, compared to 234% in 2022 and 686.4% in 2021, after four years of hyperinflation.
The dollarization of the economy, as well as the adjustment and compression of public spending after the financial sanctions imposed by the United States and the fall in revenues, have helped to contain inflation in recent months.
President Nicolas Maduro, who will seek a third 6-year term in July, has frozen the minimum wage since 2022. It has gone from the equivalent of 30 dollars per month to less than 4 dollars. However, the government has granted additional “bonuses” allowing certain employees to achieve an income of more than 100 dollars.