Inflation & Prices
Venezuela Inflation Slows to 12-Year Low as Maduro Eyes Votes
- Maduro has sought to tame inflation ahead of a July 28 vote
- Increase in dollar sales led by Chevron, now a top supplier
Venezuelan President Nicolas Maduro
Photographer: Carlos Becerra/BloombergThis article is for subscribers only.
Venezuela’s monthly inflation slowed to 1% in June, the lowest in twelve years, as the government ramps up local dollar sales ahead of presidential elections.
Consumer prices eased to 1% from 1.5% May, the smallest increase since July 2012, according to central bank data. After a stretch of hyperinflation that neared an estimated 2 million percent a year, President Nicolás Maduro has stuck with a strategy that combines tight monetary and fiscal restrictions while also allowing the free-flow of the US dollar. Maduro’s efforts come ahead of July 28 elections, when he seeks to extend his 11 years in power.