Venezuela’s Monthly Inflation Drops to Lowest Level in 19 Years [View All]

[BayCityProgressive]

http://www.venezuelanalysis.com/news.php?newsno=2259

Paraguaná, April 3, 2007 (venezuelanalysis.com)— The anti-inflationary policies of the Venezuelan government have lowered the inflation rate for March, according to an announcement made by President Hugo Chávez yesterday. The final rate for the month of March was - 0.7%, the lowest in 19 years, thanks to government policies such as the reduction of the value-added tax.

The announcement came during an economic meeting with ministers and the Executive Cabinet in Miraflores on Monday. President Chávez congratulated the government for the success of the policies and gave special recognition to the Minister of Food, Rafael Oropeza, for his work in the state food company, Casa, and its network of food markets, Mercal.

"A well-coordinated and well-executed plan has to give positive results," said Chávez. He stated that the low inflation rate is a "triumph of everyone and for everyone," since inflation is a "problem for everyone, for those of us in the government, and also for the communities and for the private sector."