The South American country’s price index, which rose 2.9% in February, is showing a slower rise since President Nicolas Maduro’s government began easing exchange controls to allow more currency to flow. strong, leading to more stable prices.
The cumulative price increase over the past 12 months reached 284.4% at the end of March, while inflation in the first quarter was 11.4%, according to Reuters calculations based on official data, showing that the Rising prices are still among the main problems affecting many families in the country.
Venezuela experienced hyperinflation until last year. The minimum wage in the country is the equivalent of 30 dollars per month.
Inflation was pushed up in March by higher prices for communication and education services, the data showed.
The trend of decelerating inflation could be reversed following the imposition this month of a tax on hard currency transactions, a measure taken by Maduro to increase government revenue.
Venezuela’s Finance Observatory this week flagged problems with the implementation of the tax by shops and businesses, adding that the measure creates fertile ground for higher prices.