Venezuela’s Inflation Rates Lowest Since 2005

[Peace Patriot]

Venezuela’s Inflation Rates Lowest Since 2005

By TAMARA PEARSON
8/8/12

Mérida, August 8th 2012 (Venezuelanalysis.com) – Venezuela’s accumulated inflation for the first seven months of this year stands at 8.6% , down from 16% during the same period last year, and where annual inflation has averaged 26% per year since 1999.

Yesterday Venezuela’s finance minister Jorge Giordani informed that July’s inflation was 1% and the year’s accumulated inflation was 8.6%. Yearly inflation (between June 2011 and July 2012) is 19.4%, down from the highest annual inflation rate over the past three years of 31.3%.

(SNIP)

The Venezuelan government had predicted lower inflation rates this year, mostly as a result of it gradually implementing price limits on some products, but Giordani said the results are even below the government’s predictions. The government had based its 2012 budget on a yearly inflation rate of 20 to 22%.

"A one-digit inflation rate has not been reported in Venezuela since 1986," said Nelson Merentes, president of the Central Bank of Venezuela.

(SNIP)

Merentes said the country’s “economic panorama”, with its low unemployment and sustained economic growth (of 5.6% in the first quarter of 2012) meant he could project that inflation would continue to decrease in August and September. Elias Eljuri, president of the National Institute of Statistics, also said inflation would likely continue to decrease, due to increased productivity, greater availability of goods and services, and the state’s fight against speculation.

Eljuri also attributed the low inflation to the creation of the National Superintendency of Costs and Prices (Sundecop), which so far this year has applied price limits to 19 types of products, including baby food, juices, hygiene products, and other food products. The National Assembly passed the law of fair costs and prices one year ago.

(MORE)

http://venezuelanalysis.com/news/7160
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The Chavez government has mounted a very successful anti-inflation effort while not cutting spending on social benefits, education and other good government programs.

Do we hear about this in the Corporate Press?

See my other post about Chavez's high poll numbers (something else we don't hear about in the Corporate Press):
http://www.democraticunderground.com/11084664

Such crapola we get from the Corporate News about Venezuela! Disinformation, lies, black holes where information should be. It's disgusting!

[Judi Lynn]

1. "A one-digit inflation rate has not been reported in Venezuela since 1986" w/no social spending cuts

Not bad at all! Woof!

You know our own "professional" corporate media will be shouting and pointing at something else. That's the way it works, something they have bitched about annually since 1999, no doubt about it.

But at least some of the world is learning the truth, in spite of them.

Beautiful, super respectable news. Congrats to the people of Venezuela and their elected government.