Venezuela’s Vice President Rejects Private Deflation Report

• Central bank posted lowest monthly CPI in almost 12 years
• The country is experiencing gradual economic recovery, VP says

Venezuela’s Vice President Delcy Rodríguez on Friday rejected the findings of an opposition-led research group that showed consumer prices slipped into deflation in February.

“It’s not just that there’s no deflation, but the inflation in February, as reported by the Central Bank, was 1.2%. We are in a process of inflation deceleration,” she said in a video posted on X.

Rodríguez also said that Venezuela was experiencing a process of gradual economic recovery and that efforts have been made to restore the purchasing power of workers’ salaries.

The Central Bank reported inflation data on Friday that showed February’s 0.5% price increase was the lowest monthly print in almost twelve years. On Wednesday, the Finance Observatory, a research group led by opposition legislators, said prices decreased by 0.5%, the first monthly deflation print since 2007.

In the absence of official data, economists have relied on private estimates for economic data on growth and inflation for years. The nation’s central bank has started to publish more data on an irregular basis after breaking a bout of hyperinflation and ending a seven-year recession.

Written by: Nicolle Yapur @Bloomberg

The post “Venezuela’s Vice President Rejects Private Deflation Report” first appeared on Bloomberg

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