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The
Banco Central de Venezuela (BCV) reports:
The Consumer Price Index
(CPI) for the metropolitan Caracas area rose 2.9% in January following
the 1.0% increase registered the previous month. The January
figure represented the highest rate since September last year and also was above the
increase reported in January of last year (0.9%).
The
result of the month was the product of notable increases in the majority
of consumer goods and services prices. Particularly noteworthy were
the monthly increases in the following categories: transportation (5.5%),
foods and non-alcoholic beverages (4.8%) and health (4.0%).
The performance was attributed, principally, to the following causes: the
exceptional conditions of a virtual paralysis of economic activity, which
prompted a notable scarcity of supply in consumer goods and services; the
entering into force of an 8% value-added tax on items previously exempt
from a levy, such as health services, domestic air transport and certain
meats; authorized increases in basic service tariffs; and higher
inflationary expectation resulting from the deterioration in the exchange
rate.
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